September 26, (THEWILL) – Nigeria’s former President, Goodluck Jonathan, on Thursday, faulted claims by former Central Bank governor, Lamido Sanusi, that about $49.8 billion went missing during his administration.
THEWILL recalls that the reinstated Emir of Kano as CBN Governor had claimed in a memo dated September 25, 2013, that the Nigerian National Petroleum Corporation (NNPC) failed to remit $49.8 billion oil revenues to the Federation Account between 2012 and 2013.
Although Sanusi had recounted and claimed $12 billion was the amount discovered not to have been remitted to the account within the period, he was, however, suspended by Jonathan’s government over alleged “acts of financial recklessness and misconduct”.
Speaking on Thursday, at the launch of ‘Public Policy and Agent Interests’, a book written by former Minister of Finance, Budget and National Planning, Shamsudeen Usman, former president Jonathan said Sanusi was not sacked because he blew a whistle that the Federal Government lost $49.8 billion but suspended because the Financial Reporting Council questioned the expenditure of the CBN under his tenure.
He said: “I do not agree completely with some of the issues raised by one of the contributors. But I don’t intend to join issues because he is our royal father. But because I have the opportunity to be here on some issues. 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 but suspended because the Financial Reporting Council questioned the expenditure of the CBN because it is the FRC that has the power to audit the CBN not the Auditor-General because of serious infractions that needed to be looked at. That was the reason. But somehow, the time was short. Before we finished, his tenure elapsed. Probably, he would have been called back.
“On the issue of $49.8 billion, I am not convinced we lost such money. Let me tell you about a personal experience. The African Union Presidents had a meeting in Belgium and during those meetings, we had bilateral talks. The Chancellor of Germany then, Angela Merkel, requested that we should have bilateral meetings and I went there with some of my ministers. Even before I sat down, the German Chancellor said they heard that some money was missing, that what is happening.
“I said Madam Chancellor, the economy of Germany is strong, so if you lose $50 billion, you might not notice it but if Nigeria loses $50 billion, the government won’t be able to pay salaries. Then she said even in Germany, $50 billion is a lot of money and she didn’t ask further questions. And of course, that year our budget was $31.6 billion. So, for a country that has a budget of $31.6 billion to lose $50 billion and salaries were paid, then the researchers shouldn’t research more.
“So, when our revered royal father came up with figures; first $49.8 billion, later $20 billion, and later $12 billion, I don’t even know the correct figure. Immediately after that thing happened, we engaged PwC, which is one of the best financial firms, to do an audit. The report they came up with said there is $1.48 billion that the NNPC didn’t give a proper account, asking the NNPC to pay the money to the federation account. They didn’t say we lost any amount.
“The Senate finance committee headed by Markarfi engaged external professional auditors to look into it and they didn’t find any missing money. So, I am pleading that when we are giving accounts of our stewardship, at least, if so, someone reading the book won’t go with the impression that $50 billion was lost during Jonathan. I didn’t steal billions of dollars as president.”
