In a recent revelation, former President Goodluck Jonathan refuted claims that $49.8 billion went missing from government coffers during his administration.
Speaking at the launch of the book Public Policy and Agents Interests: Perspectives from the Emerging World, Jonathan emphasised that the allegation was fabricated by the then Central Bank of Nigeria (CBN) leadership, specifically targeting former CBN Governor Sanusi Lamido Sanusi.
Sanusi had suggested that his removal was linked to his disclosure of the alleged missing funds, but Jonathan clarified, “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 stated, “I am not convinced that the Federal Government lost $49.8 billion.”
He argued that it would have been impossible for such a significant amount to vanish without noticeable consequences in a country whose annual budget was approximately $31.6 billion.
“For a country that had a budget of $31.6 billion to lose about $50 billion and salaries were paid, nobody felt anything,” he remarked.
The former president also recalled being questioned by Germany’s Angela Merkel about the alleged disappearance of the funds, affirming, “Such money couldn’t have been stolen from a struggling country.”
He referenced an audit by Price Water Coopers (PWC), which confirmed no missing funds and revealed that the Nigerian National Petroleum Corporation (NNPC) was unaccounted for at that time at only $1.48 billion.
In addition to addressing the controversy, the event marked the unveiling of the Shamsuddeen Usman Foundation, founded by Dr. Usman’s children, to promote education and artificial intelligence in Nigeria.
As the event concluded, the revered Emir of Kano was present but had yet to voice his perspective on the discussions surrounding his tenure as CBN governor.