Otedola Alleges N2 Trillion Fuel Subsidy Fraud Under Jonathan

By Diafa Doubra,

Billionaire businessman Femi Otedola has claimed that over N2 trillion was siphoned from Nigeria’s treasury through fraudulent fuel subsidy claims during the administration of former President Goodluck Jonathan.

Otedola, who made the allegation while speaking on the state of the economy, said the subsidy regime became a major channel for corruption as unscrupulous marketers and officials exploited loopholes to make bogus claims for petroleum imports that never took place.

He noted that the monumental fraud drained government coffers, worsened Nigeria’s debt profile, and left the economy heavily exposed to shocks in the global oil market. According to him, such reckless mismanagement partly explains why the country continues to struggle with revenue shortfalls despite its oil wealth.

The businessman called for tougher anti-corruption measures and stronger oversight in the petroleum sector, insisting that the government must learn from past mistakes to prevent future abuses.

Otedola’s comments have reignited debate over subsidy payments, with many Nigerians demanding accountability and urging the present administration to ensure transparency in its ongoing reforms.