Former President Goodluck Jonathan has denied allegations that $49.8 billion went missing during his administration, calling the claims “made up” and “unfounded.”
Jonathan made these remarks at the launch of the book “Public Policy and Agents Interests: Perspectives from the Emerging World” by former Minister of Finance Shamshudeen Usman.
“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,” Jonathan said, referring to Emir Muhammadu Sanusi II’s claims. “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.”
Jonathan expressed skepticism about the possibility of such a large sum disappearing without consequences. “For a country that had a budget of $31.6 billion to lose about $50 billion and salaries were paid, nobody felt anything,” he noted.
The former president also pointed out inconsistencies in Sanusi’s allegations, which initially claimed $49.8 billion, then $20 billion, and later $12 billion were missing. “I don’t even know the correct one,” Jonathan said.
An audit report by Price Water Coopers (PWC) and an investigation by the Senate committee on Finance led by Senator Ahmed Makarfi found no evidence to support Sanusi’s claims. Instead, PWC revealed that $1.48 billion could not be accounted for by the NNPC at the time.
Jonathan’s remarks were made in response to Sanusi’s contributions to the book, which claimed he was removed as CBN governor for exposing the alleged missing funds.
However, Jonathan maintained that Sanusi was suspended due to serious infractions and not sacked.
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The event also marked the unveiling of the Shamsuddeen Usman Foundation, dedicated to promoting education and Artificial Intelligence in the country.
Emir Sanusi, featured as the Royal Father of the Day, had not responded to Jonathan’s comments at the time of reporting.