Panday was reacting to a statement by Sports Minister Sport Gary Hunt in which he admitted that the flag was a mistake and promised that it won't happen again.
Read the story: $2M Flag was a mistake that would never be repeated: Sports Minister
In a media release Panday noted that the minister added that there were "errors” in the implementation of the National Flag and demanded Hunt's resignation.
“It is a pity that Minister Hunt did not go on to state what the actual mistake was. Was it in the erection of the National Flag or in the cost of it? It is important that he should specify since he promises not to make the same mistake again," Panday said.
"If we do not know what it is, then we shall never know if he is repeating his mistake," he added.
Panday said after knowingly squandering millions of dollars and admitting it via an address to the nation last night, the Minister should now tell the citizenry how they would be compensated for his Ministry’s misuse of funds.
He said this is even more relevant considering the state of the nation, which is reeling from a water crisis, unemployment, crime and a deteriorating health sector.
"The National Flag, which according to reports should have cost taxpayers $325,000 actually cost $1.7 million more. This is clearly the trend of the current regime," Panday noted.
"Minister’s Hunt public relations campaign paints him as someone seeking sympathy, after admitting his grave shortfall in executing his duty as a Minister. And, while he has said the Sports Company would adjust its systems and policies to ensure there isn’t a recurrence, what assurance can he give this nation that it would not happen again?" Panday asked.
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