LAHORE-The recently sacked Punjab Finance Minister Tanvir Ashraf Kaira has alleged that Punjab is facing a default of over Rs 520 billions, while 96b had been wasted due to corruption out of total development budget of Rs193 billions. Addressing a news conference along with ex-PPP minister Ashraf Sohna, Kaira substantiated his point by quoting Punjab chief minister who had, according to him, once admitted in a cabinet meeting that 50 per cent of the development budget was lost on commissions every year. He said Rs 7.2b was available in the exchequer in 2008 but within one year, the province was facing a deficit of Rs 42 billion due to wrong policies of the government. He also alleged that Punjab government was busy buying new and expansive cars while old ones were being auctioned. Talking about governments failure to meet its tax collection targets, he said that in 2008-9, a target of Rs 42b was set but it could collect only Rs 28b, and in 2009-10, the government could only gather Rs 36b against the set target of Rs 50b. He said he will also expose governments corruption in Ashiana Housing Scheme very soon. He alleged that tax-payers money was being spent to buy loyalties of turn coats.