Former President of Nigeria Goodluck Jonathan has categorically denied allegations regarding the missing $49.8 billion from government treasuries during his administration.
He asserted that he did not dismiss former Central Bank Governor Sanusi Lamido for alerting the public about these supposed discrepancies.
During the launch of the book Public Policy and Agents Interests: Perspectives from the Emerging World, co-authored by former Finance Minister Shamshudeen Usman, Jonathan maintained that no funds were missing, claiming that the allegation was fabricated by the leadership of the Central Bank of Nigeria (CBN) at the time.
Sanusi, who is now the Emir of Kano, previously alleged in the book that he was removed from his position for exposing the disappearance of the funds. However, Jonathan emphasized that Sanusi was suspended due to inquiries by the Financial Reporting Council regarding CBN’s expenditures.
In his remarks at the event, Jonathan stated, “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. The one he raised about being sacked because he blew the whistle on the Federal Government losing $49.8 billion is not correct.”
He elaborated that during his tenure, Nigeria’s budget was approximately $31.6 billion, questioning how such a significant amount could be lost without any noticeable impact. Jonathan also pointed out that the claims about the missing funds had fluctuated over time—from $49 billion to $20 billion and eventually to $12 billion—suggesting a lack of consistency in Sanusi’s assertions.
An audit by Price Waterhouse Coopers (PWC) confirmed that while $1.48 billion could not be accounted for by the Nigerian National Petroleum Corporation (NNPC), there was no evidence of the larger amount being missing. Furthermore, a Senate Committee led by Senator Ahmed Makarfi investigated the matter and found the claims to be unsubstantiated.
The event also saw the unveiling of the Shamsuddeen Usman Foundation, dedicated to promoting education and artificial intelligence in Nigeria. As of the report, Emir Sanusi had not yet spoken at the launch.
