Former President Goodluck Jonathan has firmly denied claims that $49.8 billion was lost from government treasuries during his administration, refuting allegations made by former Central Bank Governor Sanusi Lamido Sanusi regarding the missing funds.
Jonathan addressed the issue on Thursday, September 26, during the launch of the book “Public Policy and Agents Interests: Perspectives from the Emerging World,” co-authored by former Minister of Finance, Shamshudeen Usman.
Jonathan emphasized that no money was missing, stating that the allegations were fabricated by the then leadership of the Central Bank of Nigeria (CBN), which was headed by Sanusi at the time. He recalled that an internationally recognized audit firm was engaged to investigate the supposed missing funds and ultimately provided a clean bill of health for his administration.
During the book launch, which was attended by notable figures including the 16th Emir of Kano, Jonathan responded to Sanusi’s claims in the book that he was dismissed from his position at the CBN for revealing the alleged disappearance of the funds. Jonathan clarified that Sanusi was suspended, not sacked, and questioned how such a significant amount could vanish without causing noticeable effects on the country’s economy.
He stated that he felt vindicated when Sanusi began to change the narrative from $49 billion to $20 billion and later to $12 billion. Jonathan further added that PricewaterhouseCoopers (PwC), which investigated the matter, revealed that while no such amount was stolen, $1.48 billion could not be accounted for by the Nigerian National Petroleum Corporation (NNPC) at that time.
He also recalled that the then Senate Committee on Finance, led by Senator Ahmed Makarfi, investigated the issue and found the claims unfounded. Jonathan pointed out that Nigeria’s budget was approximately $31 billion during his presidency, arguing that it was implausible for such a large sum to be stolen without widespread ramifications. He shared an anecdote about a confrontation with former German Chancellor Angela Merkel, where he explained that the enormity of the alleged loss could not have occurred in a country struggling with economic challenges.
He said;
“Let me mention that I did not agree with some issues raised by one of the contributors. But I don’t intend to join issues because he is our royal father. And he is here.
“The one he raised that he was sacked because he blew a whistle that the Federal Government lost $49.8billion is not quite correct. He was not sacked, he was suspended because the Financial Reporting Council queried the expenditure of CBN. And there were serious infractions that needed to be looked at. That was the reason. But somehow, the time was short. So before we finished, his tenure elapsed. Probably, he would have been called back.
“On the issue of $ 49.8 billion, till today, I am not convinced that the Federal Government lost $49.8 billion. And that year, our budget was $31.6 billion. So for a country that had a budget of $31.6 billion to lose about $50 billion and salaries were paid, nobody felt anything. The researchers that wrote this book need to do further research.
“And more so, when our revered royal father came up with the figures. First $49.8 billion, later $20 billion and later $12 billion. I don’t even know the correct one”.
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