Former President Goodluck Jonathan has refuted allegations surrounding the disappearance of $49.8 billion during his tenure.
Speaking at the launch of the book Public Policy and Agents Interests: Perspectives from the Emerging World, Jonathan explained that the claims were fabricated by the leadership of the Central Bank of Nigeria (CBN) at the time, particularly implicating former CBN Governor Sanusi Lamido Sanusi.
Sanusi had previously suggested that his removal from office was tied to his whistleblowing regarding the alleged missing funds. However, Jonathan clarified to PulseNets, “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 further remarked, “I am not convinced that the Federal Government lost $49.8 billion,” questioning the feasibility of such an amount disappearing without causing disruptions in a nation whose annual budget hovered around $31.6 billion. He highlighted, “For a country that had a budget of $31.6 billion to lose about $50 billion and salaries were paid, nobody felt anything.”
Jonathan also shared with PulseNets a conversation he had with Germany’s Angela Merkel, during which he assured her that such an amount could not have been stolen from a country already facing economic challenges. He referenced an audit conducted by PricewaterhouseCoopers (PwC), which found no missing funds, revealing instead that the Nigerian National Petroleum Corporation (NNPC) was only unaccounted for $1.48 billion.
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As the event wrapped up, PulseNets reported the unveiling of the Shamsuddeen Usman Foundation, founded by Dr. Usman’s children, aimed at advancing education and artificial intelligence in Nigeria. The event also saw the presence of the Emir of Kano, though he did not provide any comments on the discussions related to his time as CBN governor.
