How much was truly in the Consolidated Account in December 2017?

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The Consolidated Account Held RM11.86 Billion in December 2017, Not RM42.2 Billion

As of December 31, 2017, the Consolidated Revenue Account, a component of the broader Consolidated Account, contained RM11.86 billion. This figure contrasts with claims of RM42.2 billion within the Consolidated Account made by Datuk Seri Najib Razak. Crucially, the RM11.86 billion identified in the Consolidated Revenue Account was not subsequently transferred to the Tax Refund Trust Account, which is designated for reimbursing taxpayers.
Understanding the Consolidated Account Structure

The Consolidated Account serves as a common pool for all government collections, managed by the accountant-general. It comprises three distinct sub-accounts: the Consolidated Revenue Account, the Consolidated Loan Account, and the Consolidated Trust Account. General revenue collections are typically channelled into these accounts.
The Role of the Consolidated Revenue Account and Tax Refunds

Funds designated for tax refunds, including those for Goods and Services Tax (GST), are disbursed from the Tax Refund Trust Account. For these reimbursements to occur, funds must first be transferred from the Consolidated Revenue Account to the Tax Refund Trust Account. The RM11.86 billion present in the Consolidated Revenue Account at the end of 2017 was not moved to the Tax Refund Trust Account, thereby preventing its use for taxpayer reimbursements.
Financial Situation Upon Pakatan Harapan's Assumption of Office

By April 30, 2018, following the general election, the unaudited Consolidated Account held RM35.5 billion. However, the Consolidated Revenue Account had significantly diminished to just RM450 million. This represents a substantial decline of RM11.41 billion, or 96 per cent, in the Consolidated Revenue Account's balance within a four-month period from the end of December 2017.

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How much was truly in the Consolidated Account in December 2017?

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