Former President Goodluck Jonathan addressed allegations that $49.8 billion was lost from government treasuries during his administration, vehemently denying the claims.
He asserted that no funds were missing, attributing the allegations to the leadership of the Central Bank of Nigeria (CBN) at the time, led by the current Emir of Kano, Muhammadu Sanusi II.
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Jonathan spoke during the launch of the book “Public Policy and Agents Interests: Perspectives from the Emerging World,” co-authored by Shamshudeen Usman, who served as Minister of Planning under his government.
In his remarks, he emphasized, “I did not agree completely 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.”
He specifically countered Sanusi’s claims made in the book that his dismissal as CBN governor was due to exposing the alleged disappearance of funds.
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Jonathan stated, “The one he raised that he was sacked because he blew a whistle that the Federal Government lost $49.8 billion is not quite correct. He was not sacked; he was suspended because the Financial Reporting Council queried the expenditure of CBN.”
Jonathan maintained that the scale of the alleged loss was implausible, saying, “For a country whose budget was about $31 billion at the time, it was impossible for the funds to have been stolen from the country’s purse.”
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He recalled being confronted by then-German Chancellor Angela Merkel regarding the matter, asserting that such a significant sum could not have been taken from a struggling nation.
He further stated, “On the issue of $49.8 billion, till today, I am not convinced that the Federal Government lost $49.8 billion.”
He noted that the budget at the time was $31.6 billion, questioning how such a substantial amount could vanish without any noticeable impact, adding, “The researchers that wrote this book need to do further research.”
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Jonathan pointed out the inconsistencies in Sanusi’s figures, mentioning, “First $49.8 billion, later $20 billion, and later $12 billion. I don’t even know the correct one.”
He claimed vindication when the narrative shifted over time and referenced an investigation by PricewaterhouseCoopers (PwC), which found that while $1.48 billion could not be accounted for by the Nigerian National Petroleum Corporation (NNPC), no massive theft occurred.
He also highlighted that a Senate committee led by Senator Ahmed Makarfi investigated the issue and deemed the claims unfounded.
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The book launch also marked the formal unveiling of the Shamsuddeen Usman Foundation, established by Dr. Usman’s children in his honor to promote education and artificial intelligence in Nigeria.
As of the report’s filing, Emir Sanusi had not yet spoken at the event, where he served as the Royal Father of the Day.
