Former president of Nigeria, Goodluck Jonathan, has officially refuted allegations made by the 16th Emir of Kano, Muhammadu Sanusi II, in his recent book, regarding an alleged loss of $49.8 billion during Jonathan's presidency. This statement was made during a book launch event in Abuja for “Public Policy and Agent Interests: Perspectives from The Emerging World.”
During the event, Jonathan emphasized the significant repercussions such a financial loss would have had on Nigeria’s economy, particularly in its ability to meet payroll obligations for its workforce. He highlighted that a deficit of that magnitude would have dire consequences for the country and its citizens, underlining the severity of the allegations made by Sanusi.
The remarks made by Jonathan were a direct response to Emir Sanusi's claims, which insinuated that financial mismanagement during Jonathan’s tenure significantly harmed Nigeria's economy. Sanusi’s book was edited by former Minister of Finance Shamsuddeen Usman, further adding weight to the claims. Jonathan pointed out the inaccuracies in Sanusi's narrative, stating, “I need to say why I do not quite agree with him.”
Jonathan highlighted that Sanusi had alleged that he was dismissed for bringing attention to the supposed $49.8 billion loss. However, Jonathan clarified the circumstances of Sanusi's departure, stating, “It’s not quite correct. It was not that he was sacked. He was suspended.” This clarification aimed to set the record straight regarding the context of Sanusi's exit from the Central Bank of Nigeria (CBN).
Additionally, Jonathan mentioned that the Financial Reporting Council of the Central Bank was unable to conduct a thorough investigation into these allegations due to time constraints. He explained, “Before we could finish, his tenure was already over. Probably we would have called him back.” This statement reflects Jonathan's concerns about the lack of a proper investigation into the claims made by Sanusi.
Expressing his skepticism about the alleged $49.8 billion loss, Jonathan stated, “Till today, I’m not convinced that the federal government lost $49.8 billion.” He pointed out the inconsistencies in the figures surrounding the claims, noting that they varied significantly from $49.8 billion to $20 billion and later to $12 billion, leading him to question the accuracy of the allegations. “So, I don’t even know the correct one,” he remarked, underscoring the confusion regarding the figures.
Furthermore, Jonathan disclosed that after conducting forensic audits, there was no definitive evidence to support the claim that $50 billion was missing from the government coffers. He concluded his statements by revealing, “The report they came up with was that there is $1.48 billion that they couldn’t really give a proper account for and that NNPC should pay that money to the federation account.” This conclusion aims to highlight the lack of substantial evidence backing the larger claims made by Sanusi in his book.
