Former President Goodluck Jonathan on Thursday clarified that the Federal Government did not lose $49.8 billion during his tenure. He made this statement while speaking in Abuja at the launch of a book by former Minister of Finance and National Planning, Dr. Shamsudeen Usman, who served under his administration.
The book, titled “Public Policy and Agent Interests: Perspectives from the Emerging World,” was co-authored with other accomplished Nigerians and seasoned technocrats.
During his remarks, Jonathan acknowledged his respect for the author but disagreed with certain claims made by former Central Bank Governor and now Emir of Kano, Muhammad Sanusi II, who also contributed to the book.
“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, and he is here. 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.
He clarified that Sanusi was not sacked but suspended due to infractions in the CBN’s financial reporting:
“He was suspended because the Financial Reporting Council queried the expenditure of the CBN. There were serious infractions that needed to be looked at. That was the reason, but somehow, the time was short. So before we finished, his tenure elapsed. Probably, he would have been called back.”
Addressing the claim of missing funds, Jonathan emphasized: “On the issue of $49.8 billion, till today, I am not convinced that the Federal Government lost $49.8 billion. That year, our budget was $31.6 billion. So, for a country that had a budget of $31.6 billion to lose about $50 billion and still pay salaries, without anyone feeling the loss? The researchers that wrote this book need to do further research.”
Jonathan further pointed out inconsistencies in Sanusi’s claims, noting how the figure fluctuated: “When our revered royal father came up with the figures, it was first $49.8 billion, then $20 billion, and later $12 billion. I don’t even know the correct one.”
To resolve the matter, Jonathan said his administration commissioned a forensic audit by PricewaterhouseCoopers (PwC). According to him, PwC’s report indicated only $1.48 billion remained unaccounted for, which was to be paid into the Federation Account by NNPC: “They did not say we lost $12 billion, $20 billion, or $49.8 billion. Sen. Ahmed Makarfi is still alive. His Senate Finance Committee used external auditors, and they couldn’t find evidence of the alleged missing billions.”
The former president praised Usman’s tenure as Minister of National Planning, noting his vital contributions to shaping the nation’s development agenda: “Usman, working with other ministers in my government, played a pivotal role in shaping our development agenda. His expertise in strategic planning was instrumental in driving our transformation initiatives.”
Sanusi, during his remarks, jokingly referred to Jonathan as “my boss who sacked me,” but expressed his respect for the former president: “I was constructively dismissed. I know everybody wants me to respond, but I will not respond. I have respect for my boss.”
Sanusi also used the occasion to urge Nigeria to take full advantage of the Dangote refinery project, warning against allowing vested interests to obstruct progress: “Instead of grabbing this opportunity, we are frustrating it due to vested interests.”
The event also featured the official launch of the Shamsudeen Usman Foundation and fundraising for his Artificial Intelligence Centre.
