"One can draw only two conclusions," Musharraf told National Public Radio.
"One is complicity from our intelligence agencies. The second is incompetence and I strongly believe in the latter," Musharraf said.
"I cannot imagine that there was complicity."
Asked whether he was upset that he did not know that bin Laden had been sheltering in Pakistan during his presidency, Musharraf said: "Frankly, yes."
"It is terrible," he replied, adding he wanted to ask Pakistani intelligence officials "why the hell did you not know?"
But he ruled out any complicity, saying that even US President Barack Obama had praised Pakistani intelligence services for providing vital information which led to bin Laden.
"If there was complicity, why would anyone pass on such intelligence?" he asked.