Jonathan Slams Emir Sanusi Over $49.8b Loss From Federation Account

Former President Goodluck Jonathan has rejected the claims made by the 16th Emir of Kano, Muhammadu Sanusi II, in his new book about a supposed loss of $49.8 billion during Jonathan’s administration.

Speaking at the book launch in Abuja, titled “Public Policy and Agent Interests: Perspectives from The Emerging World,” Jonathan stated that such a large financial loss would have left the country unable to pay its employees.

Jonathan’s remarks were a direct response to Sanusi’s assertions, which suggested that financial mismanagement during Jonathan’s presidency had a negative impact on Nigeria’s economy. The book was edited by former Minister of Finance Shamsuddeen Usman.

“I need to say why I do not quite agree with him,” Jonathan said. He pointed out that Sanusi claimed he was dismissed for exposing the alleged loss of $49.8 billion, but Jonathan clarified, “It’s not quite correct. It was not that he was sacked. He was suspended.”

The former president also noted that the Financial Reporting Council of the Central Bank of Nigeria (CBN) was unable to investigate the allegations thoroughly due to time constraints. “Before we could finish, his tenure was already over. Probably we would have called him back,” he explained.

Jonathan expressed his doubts about the alleged $49.8 billion loss, stating, “Till today, I’m not convinced that the federal government lost $49.8 billion.” He mentioned that the figures surrounding the claims varied significantly, noting, “First $49.8 billion, later $20 billion, later $12 billion. So, I don’t even know the correct one.”

Furthermore, he added that after conducting forensic audits, no one could confirm that $50 billion was missing. He concluded, “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.”

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