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A report in The Wall Street Journal exposed earlier this week just how much money the pope's main charity, called Peter's Pence, actually gives to the poor, in what Fox Nation's Raymond Arroyo described as an "ugly story."

WSJ Vatican correspondent Francis Rocca wrote on Wednesday that "as little as 10% is spent on charitable works, according to people familiar with the funds." Reportedly about two-thirds of the $66 million collected in 2018 was spent making up for shortfalls in the Vatican budget.

Arroyo said that this report suggests that the Catholic Church's appeal to congregants is disingenuous. "Only 10 percent of it goes toward the poor," said Arroyo on Fox Nation's "Deep Dive", "and yet that's the lead line... every June when they take this international collection."

The website for Peter's Pence describes the charity as "a gesture of solidarity. Through it, every member of the faithful can participate in the Pope’s activity," it reads. "It is an activity that supports the most needy and ecclesial communities in difficulty who approach the Apostolic See for help."

"Your thoughts on where the Vatican's using this money?" Arroyo asked his panel on Thursday. "They're basically using it to plug holes in the Vatican budget."

"Historically, the Peter's Pence – it goes back centuries – is to support the pope and all his expenses, including charity," said Father Gerald Murray, pastor of the Holy Family Church in New York City, "so it's nothing wrong to use it to pay the bills at the Vatican."

"On the other hand," Father Murray noted, "it's advertised as a charitable fund."

"The Vatican finances have been a disaster for a long time," continued Father Murray. "That was part of what got Pope Bergolio elected. He said he was going to reform the corruption in the Vatican. It hasn't happened. And it's a big cause of concern. Lots and lots of questions."

The new scrutiny comes amid a probe into financial irregularities at the Vatican concerning a London real estate deal which resulted in the loss of tens of millions of dollars. The deal has ignited questions about the Vatican's financial mismanagement during Benedict's papacy.

The Wall Street Journal reported Wednesday that Vatican officials familiar with the failed real estate deal suspect that the funds for the troubled deal came from Peter's Pence.

"Also, the public relations effort at the Vatican is pretty weak," concluded the father. "When did the Vatican ever publish these statistics itself? They didn't. Reporters had to dig it up from sources. It's never a good idea when your story is told by someone else."

To watch more "Deep Dive" episodes go to Fox Nation and sign up today. The full episode with Raymond Arroyo and Father Gerald Murray will be on available on Dec. 24.

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