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Jonathan opens up on disagreement with Sanusi
Jonathan opens up on disagreement with Sanusi
Former President Goodluck Jonathan has asserted that no $49.8 billion was missing during his time in office.
This statement responds to claims made by Muhammadu Sanusi, the former governor of the Central Bank of Nigeria (CBN) , who alleged that the sum was unaccounted for in a letter dated September 25, 2013.
Speaking at the launch of the book Public Policy And Agent Interests: Perspectives From The Emerging World, co-authored by Shamsuddeen Usman, Jonathan disagreed with Sanusi’s assertions. Usman served as minister of planning under Jonathan’s administration.
Sanusi had reiterated his allegations in the book, recalling his earlier letter to Jonathan where he expressed concerns about the Nigerian National Petroleum Corporation (NNPC) failing to repatriate significant oil proceeds, specifically citing the $49.8 billion.
During his remarks, Jonathan emphasized that such a large sum could not vanish without immediate consequences.
He clarified that Sanusi was suspended from the CBN, not sacked, due to inquiries about CBN expenditures.
I disagree with some of the issues, especially the one that directly relates to me,” Jonathan said.
“The one that he raised that he was sacked. Because, if you can wish that the federal government lost $49.8 billion… that’s not quite correct.
“He was not sacked. He was suspended because the Financial Reporting Council queried the expenditure of CBN. And 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.
“On the issue of $49.8 billion, until today, I’m not convinced that the federal government lost $49.8 billion.”
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Jonathan also recounted how he was confronted by Angela Merkel, then German chancellor, on the issue.
He recalled explaining to her that such an amount could not have been stolen from a struggling economy.
He added that he was vindicated much later when the former CBN governor began to revise the sum from $49 billion to $20 billion and then $12 billion.
“Let me tell you a personal experience. The African presidents and the EU presidents, we had a meeting. I think in Belgium or Moscow,” he said.
“And during those meetings, you have bilateral talks, and the chancellor of Germany then, Angela Merkel, requested that we should have a bilateral meeting.
“So, because she requested, we had to go to where she arranged for the meeting. And I went there with some of my ministers. And there were many ministers from other countries as well.
“Even before I sat down, she raised her hand and said, President Jonathan, we are hearing about $49.8 billion missing.
“I said, what is happening? What’s the use of welcoming a guest? Then I smiled and said, Madam Chancellor, of course, the economy of Germany is very strong, so if you are talking about $49.8 billion, just say $50 billion.
“The economy of Germany is strong, so if you lose $50 billion, you would not notice it. But if Nigeria loses $50 billion, the federal government would not be able to pay salaries.”
Jonathan added that PricewaterhouseCoopers (PwC) discovered that no such amount was stolen but that $1.48 billion could not be accounted for by the NNPC.
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He also said the then senate committee on finance, chaired by Ahmed Makarfi, investigated the issue and found the claim to be untrue.
“We commissioned the PwC, one of the best financial gurus, auditors and so on. I said they should do a forensic audit, but nobody can sit down and say $50 billion, because I have no idea about that one.
“The report they came up with was that there is $1.48 billion that they couldn’t really give a proper account of, and that NNPC should pay that money to the original account.
“They did not say we lost 12 billion or 20 billion or 50 billion. And Makarfi is still alive. Makarfi was the chairman of senate committee on finance, and the minute that publication came out, he said it.
“They directed their finance committee to investigate, and they used external professional auditors to look into it.
“They themselves didn’t see either 50 billion or 20 billion or 30 billion.”
He also said there needs to be clarity so “somebody who is reading the book will not just go with the impression that $50 billion was lost… when President Jonathan did not steal billions of dollars. ”
Reacting, however, Sanusi, who took to the podium hours after Jonathan’s comment, insisted that he was constructively sacked by the then president.
“My boss who sacked me. I was constructively dismissed. I continue to respect Jonathan and I don’t have grudges against anyone,” he said.
Jonathan opens up on disagreement with Sanusi
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Warri-Itakpe Derailment: 4 Dead, 64 Injured – Opeifa Explains What Really Happened
Warri-Itakpe Derailment: 4 Dead, 64 Injured – Opeifa Explains What Really Happened
The Nigerian Railway Corporation has released a preliminary report indicating that a sudden wheel or bogie defect may have caused the June 8 train derailment in Delta State that killed four people and injured 64 others.
NIGERIA – The Nigerian Railway Corporation (NRC) has said that a “possible sudden development of a bogie or wheel defect” may have been the primary factor in the June 8, 2026 derailment of the Warri-Itakpe Train Service in Delta State. The corporation also identified the “possible manner of brake application” as a factor that may have contributed to the severity of the incident. However, the NRC stressed that both remain working hypotheses pending the conclusion of a comprehensive investigation. The NRC disclosed this in its preliminary report on the incident, which occurred at about 4:17 p.m. while the train was approaching the Outer Home signal of the Goodluck Jonathan Railway Station at kilometre 177, Owa-Oyibu, Agbor. “Based on the internal investigation carried out by the NRC inquiry team, preliminary observations indicate the possible sudden development of a bogie/wheel defect while en route. This observation is being investigated further as a potential primary factor in the derailment,” the NRC said in the report signed by its Managing Director, Kayode Opeifa. “A wheel defect of this nature may have generated abnormal wheel-rail interaction, excessive impact loading, and loss of running stability”.
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The train had departed Itakpe at noon with 482 people on board, comprising 442 passengers and 40 operational personnel. Five coaches, one locomotive, and a power car derailed, with three coaches and the power car overturning. The incident resulted in four confirmed deaths – three adults and one child – while 64 people sustained various injuries. Of those injured, 28 were treated and discharged at the Railway Hospital in Owa-Oyibu, while 36 others were taken to general hospitals in Owa-Oyibu, Owa-Alero, and Central Hospital, Agbor. Most of those admitted were discharged within 72 hours, though three people, including an NRC staff member who required surgery, remained under specialist medical care. All passengers were evacuated within two hours of the incident, with emergency response operations involving the Delta State Government, Nigeria Police Force, Federal Road Safety Corps, National Emergency Management Agency, and local authorities.
Importantly, the NRC inquiry team found that the railway points were intact and detected no evidence of track vandalism at the accident location. This distinguishes the June incident from two previous Warri-Itakpe accidents on November 1 and November 8, 2025, which were attributed to track vandalism. The NRC said the Nigerian Safety Investigation Bureau (NSIB) has commenced an independent investigation in line with statutory requirements, with the NRC fully cooperating with the process. The NSIB has recovered critical evidence from the accident scene, including witness statements, operational records, maintenance documentation, and technical data, which are undergoing detailed analysis. “The NSIB final report remains pending,” Opeifa stated.
The corporation said the track has been fully recovered and restored, while the locomotives are undergoing reconditioning. However, resumption of the Warri-Itakpe service would depend on the completion of a detailed track and equipment safety audit. The NRC’s preliminary report also recommended comprehensive inspections and safety audits of rolling stock, tracks, and railway infrastructure; strengthened maintenance and condition-monitoring programmes; updated operational procedures; and stronger enforcement of safety standards.
Warri-Itakpe Derailment: 4 Dead, 64 Injured – Opeifa Explains What Really Happened
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Subsidies or Student Loans? Minister Poses Tough Questions to Critics
Subsidies or Student Loans? Minister Poses Tough Questions to Critics
Information Minister Mohammed Idris cautions that restoring petrol subsidy would undermine fiscal progress, weaken investor confidence, and return Nigeria to the economic crisis of 2022, as the government highlights ₦6.47 trillion in infrastructure spending and over 10 million households reached with social transfers.
ABUJA, Nigeria – The Minister of Information and National Orientation, Mohammed Idris, has issued a firm warning against renewed calls to restore the petrol subsidy, declaring that such a move would reverse the economic gains recorded under President Bola Tinubu’s administration and plunge Nigeria back into the fiscal crisis that characterised the old subsidy regime. In an Op-Ed titled “Restoring Fuel Subsidy Will Reverse Nigeria’s Economic Gains,” published on Monday, August 24, 2026, in several national dailies, the minister outlined the fiscal benefits of subsidy removal, the economic risks averted, and the difficult trade-offs that would confront the country should petrol subsidy be reintroduced. According to a statement issued by his Media Aide, Rabiu Ibrahim, in Abuja, Idris argued that proponents of subsidy restoration must confront the real opportunity costs of such a decision, asking whether Nigerians are willing to sacrifice student loans, consumer credit, infrastructure funding, and social protection for the return of a policy that proved economically devastating.
“Restoring subsidy would almost instantly return Nigeria to the economic conditions of 2022, recreating the same fiscal pressures, distortions, scarcity and incentives for arbitrage that made the old system unsustainable,” Idris said. The minister recalled that in 2022, amid declining oil production and weak revenues, Nigeria spent about $10 billion on fuel subsidies, while the World Bank warned that the subsidy was consuming resources that could otherwise have supported education, healthcare, infrastructure and social protection. He noted that the legacy Ways and Means financing, which stood at about ₦30 trillion in May 2023 and has since been curtailed, would have doubled to ₦60 trillion or more without the reforms, while 27 states that were unable to reliably pay salaries would have seen their situations worsen considerably.
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Idris posed a series of pointed questions to those calling for subsidy restoration, challenging them to consider what would be sacrificed. “Do we restore petrol subsidy, or sustain student loans and consumer credit for young Nigerians? Do we restore subsidy, or preserve higher allocations to states and local governments? Do we restore subsidy, or continue funding roads, rail, power and security? Do we restore subsidy, or strengthen the fiscal capacity required to expand healthcare, education and social protection for vulnerable Nigerians?” he asked. The minister emphasised that these are not rhetorical questions but real policy choices that would confront the nation. He noted that the Organised Private Sector and the wider economic community have also cautioned against reversing the reform, recognising that Nigeria cannot build tomorrow’s economy by returning to yesterday’s unsustainable subsidy regime.
Citing the Federal Government’s recently presented “Nigeria’s Reform Scorecard: The Benefits, Costs and Harms Prevented,” Idris noted that the Minister of Finance and Coordinating Minister of the Economy, Dr. Taiwo Oyedele, disclosed that subsidy savings mobilised ₦15.8 trillion in resources for the Federation between June 2023 and December 2025. He explained that approximately ₦5.43 trillion accrued to the Federal Government, ₦6.52 trillion to states, and ₦3.88 trillion to local governments—clarifying that the ₦15.8 trillion was not a separate pool of cash but resources released within the Federation’s wider fiscal system. The minister noted that the increased fiscal space has strengthened the capacity of states and local governments to meet salary and pension obligations while enabling major federal investments in infrastructure, security, agriculture, and human capital. According to Idris, the Reform Scorecard recorded approximately ₦6.47 trillion in additional expenditure on strategic infrastructure, including major national corridors such as the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, and the Trans-Sahara Superhighway.
Beyond infrastructure, the minister highlighted that more than ₦400 billion has been committed to major social investment initiatives, including the Nigeria Education Loan Fund (NELFUND) with ₦223.8 billion, the MOFI Real Estate Investment Fund (MREIF) with ₦150 billion, and the Nigerian Consumer Credit Corporation (CREDICORP) with ₦50 billion. He added that social transfers have reached more than 10 million Nigerian households, providing critical support to vulnerable families across the country. Idris also pointed to renewed investor confidence, noting that the Nigerian stock market is the world’s best-performing in 2026, external reserves are at their highest level in nearly 20 years, and oil production has exceeded its OPEC quota for the first time in years. These indicators, he said, reflect the positive trajectory of the economy under the current reform agenda.
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The minister further warned that Nigeria is already carrying a substantial electricity subsidy estimated at ₦3.14 trillion between June 2023 and December 2025. This subsidy helps bridge the gap between actual power production costs and the capped tariffs paid by most consumers. According to figures from the Ministry of Finance, electricity subsidy payments rose sharply from N177 billion in 2023 to N1.48 trillion in 2024—an increase of more than 740 percent—before declining marginally to N1.47 trillion in 2025. “Reintroducing a petrol consumption subsidy on top of this would deal a double blow to Nigeria’s fiscal position,” Idris warned, noting that the combined burden would severely constrain the government’s ability to invest in critical sectors and maintain fiscal stability.
The minister also detailed the economic harm that the reforms have helped Nigeria avert. Had the subsidy regime remained unaddressed, he said, petrol scarcity would have returned, pushing prices above ₦3,000 per litre on the black market. The legacy Ways and Means financing, which stood at about ₦30 trillion in May 2023 and has since been curtailed, would have doubled to ₦60 trillion or more. The Scorecard projects that, without the reforms, the inherited situation of 27 states unable to reliably pay salaries would undoubtedly have worsened. Idris noted that the Centre for the Promotion of Private Enterprise (CPPE) recently backed the Federal Government’s economic reform programme, saying the measures have produced measurable improvements in Nigeria’s fiscal and macroeconomic position, though it urged a shift from economic stability to productivity, investment, and improved living standards.
The minister acknowledged that Nigerians are facing difficulties arising from the reforms but maintained that reversing course is not the solution. “We are not claiming that the reforms have solved all of Nigeria’s economic challenges; there is indeed still much work to be done to translate improved fiscal capacity into better services, jobs, infrastructure and living standards,” he said. He urged citizens to view the reforms in the context of the country’s long-term economic stability and the need to build a stronger, more productive economy. “Nigeria cannot build tomorrow’s economy by returning to yesterday’s unsustainable subsidy regime. We have moved beyond that model,” Idris concluded.
Subsidies or Student Loans? Minister Poses Tough Questions to Critics
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