Najib lied, there was only RM450 million left in coffers, says Guan Eng

Updated 5 years ago · Published on 5 Sep 2018 4:15PM · 6 Comments

Finance Minister Lim Guan Eng also wants the former prime minister to explain why the government's consolidated revenue account had lost RM11.41 billion in just four months from December 31, 2017 to April 30, 2018. – The Malaysian Insight file pic, September 5, 2018.

NAJIB Razak is being dishonest in accusing the new government of misusing RM42.2 billion when in fact there was only RM450 million left in the public coffers, said Finance Minister Lim Guan Eng.

“(Najib) is dishonest in accusing the Pakatan Harapan government… when he left us with only RM450 million on April 30, 2018,” Lim said in a statement today.

Najib maintains that the consolidated fund of the federal government had RM42.2 billion as of Dec 31, 2017. However, Lim said that Najib had failed to mention that out of this amount, only RM11.86 billion was in the consolidated revenue account.

Payments and transfer of government monies can only be made or used from the consolidated revenue account.

Lim said only the RM11.86 billion in the consolidated revenue account was actually available for transfer to the GST and tax refund trust account. However, this amount was not transferred to the said account, he added.

The Bagan MP said the total outstanding GST and tax refunds as of May 31, as previously announced, was RM35.4 billion.

Federal government policy requires all collections received to be kept in a common pool of funds which is known as the consolidated fund.

However, the amount kept in the consolidated fund was separated into three different accounts maintained by the Accountant General: the consolidated revenue account, consolidated loan account and consolidated trust account.

“Datuk Seri Najib must understand that only the amount held in the consolidated revenue account can be used for GST and tax refund purposes, ” said Lim.

He said when Pakatan Harapan took over the administration of the federal government on May 9, the latest position in the unaudited consolidated fund as of April 30, 2018 was RM35.5 billion and out of this amount, only RM450 million was sitting in the unaudited consolidated revenue account.

“In other words, the available balance of RM11.86 billion as of Dec 31, 2017 in the consolidated revenue account has deteriorated to only RM450 million as of April 30, 2018.

“This shows the consolidated revenue account has deteriorated substantially by RM11.41 billion in just four months,” he said, adding that Najib should explain this “drastic drop” of RM11.41 billion or 96% between December 31, 2017 to April 30, 2018.

Lim said despite the tax holiday period which took effect from June 1 to August 31, the unaudited consolidated fund position of the federal government has improved to RM59.9 billion as of July 31.

At the same time, the unaudited consolidated revenue account balance has also recorded a higher balance of RM3.81 billion from RM450 million as of April 30.

“This increase in unaudited consolidated revenue account to RM3.81 billion on July 31, 2018 is an improvement of 8.5 times by Pakatan Harapan as compared to Barisan Nasional as of April 30,” Lim said. – September 5, 2018.

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Comments

  • Ask MACC dont MACC say i am Shock to hear Naji Lied

    Posted 5 years ago by Tharan Singh · Reply

  • Jibby, voted Asia's worst FM, is busted again. Furthermore, Jibby has the stomach (no brain cells and testicle) to school LGE that gov't uses different type of accounting system. Jibby is busted again. There's a saying: Don't do the crime if you can't do the time!

    Posted 5 years ago by Ryan Li · Reply

    • You misspelled busted. Try again?

      Posted 5 years ago by Hajat Sulaiman · Reply

  • MACC =MALAYSIA ANTI CROOKS CATCHER.

    Posted 5 years ago by CHEE Meng Ng · Reply

  • A law that PM can't also be Finance Minister, maybe, to prevent this happening again? Books may be written..

    Posted 5 years ago by MELVILLE JAYATHISSA · Reply

  • If jibby is right, then please investigate wheres the 40+ Billions gone from 1 May - 9th May?

    Posted 5 years ago by KS Pang · Reply