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President John Magufuli has revealed that he decided to sack the Board Chairman of the Tanzania Revenue Authority (TRA) and dissolved the entire board following its decision to deposit nearly $13m (£10m) in fixed accounts in commercial banks, the Tanzania Daily News reports.
The paper quotes Mr Magufuli as saying:
There has been a tendency by some public officials to hoard in fixed accounts huge amounts of public funds in commercial banks and make away with profits accrued. The trend causes the government to experience shortage of funds and as a result turn to the banks for loans at high interests,"
The money had been earmarked for the budget of the country's tax authority but was instead banked by the board, the president added.
"After I learned of the irregularity, I directed that the money should be returned and thereafter dissolved the board," Dr Magufuli explained yesterday in a speech at the Open University of Tanzania.
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