Highlight

Cross-border petrol smuggling: Nigeria loses billions of naira – Customs CG

If left unchecked, this epidemic will further deplete our foreign exchange reserves, exacerbate economic challenges, and fund illegitimate activities.”

353
The Comptroller General of the Nigeria Customs Service, Mr. Bashir Adewale Adeniyi, has declared that Nigeria is suffering significant revenue losses, amounting to billions of naira, due to the country’s pervasive fuel smuggling crisis.
Adeniyi disclosed this at a press conference held in Yola, the capital of Adamawa State, on Monday.
He stated that a substantial price difference between Nigeria and its neighboring countries has driven the illegal trade to a critical level, posing a significant threat.
The Customs boss said: “The situation is dire. Smugglers are exploiting the price difference to reap huge profits, depriving the nation of much-needed revenue.”
In an effort to combat the illicit trade, Adewale said that customs initiated “Operation Whirlwind,” resulting in the confiscation of 150,950 litres of Premium Motor Spirit (PMS) worth N105.9 million within a two-week period.
He, however, said the seizure represents only a small portion of the vast illegal trade, estimated to be worth billions.
“The consequences of inaction are severe.
If left unchecked, this epidemic will further deplete our foreign exchange reserves, exacerbate economic challenges, and fund illegitimate activities.”
Adewale pledged to combat the illegal fuel trade and restore order and stability to Nigeria’s fuel industry, determined to put an end to the widespread smuggling and fraud.

Leave a comment

Related Articles

New minimum wage captured in supplementary N6.2trn budget

The Minister of Budget and National Planning, Mr. Atiku Bagudu, says the...

Tinubu appoints ex-LASU VC, Prof. John Obafunwa, NIMR DG

President Bola Tinubu has appointed Prof. John Obafunwa as the Director-General of...

Food security: Reps mull budgetary increase for farmers

Mr. Tajudeen Abbas, Speaker of the House of Representatives, has announced that...

Edo guber poll: Appeal Court affirms PDP’s Ighodalo’s candidature, dismisses Shaibu’s appeal

The Abuja Court of Appeal has upheld the validity of the People’s...

Insecurity in Northwest region compounded by banditry, illegal mining – Lagbaja

The Chief of Army Staff, Lt.-Gen. Taoreed Lagbaja, says the insecurity plaguing...

Abuja property dispute: Court throws out Abacha family’s N500m suit against FG

A Federal High Court in Abuja has thrown out a lawsuit filed...

AFCON Beach Soccer: Victorious Supersand Eagles set to return to Nigeria on Tuesday

By Monday midnight, Nigeria’s Supersand Eagles, who stunned hosts Mauritania 5-4 in...

GWR: Sanwo-Olu lauds Fola David for largest drawing new record

Lagos State Gov. Babajide Sanwo-Olu has congratulated Nigerian visual artist, Dr. Fola...

Tinubu hails new NBA EXCO, promises support

President Bola Tinubu has congratulated Mazi Afam Josiah Osigwe (SAN) on his...

NMA urges government to check brain drain, save sector from ageing workforce

The Nigerian Medical Association (NMA) has called on the government at all...

I’m no longer interested in investing in Nigeria’s steel industry, says Aliko Dangote

Alhaji Aliko Dangote, the Chairman of Dangote Industries Limited, has halted the...

NDLEA uncovers hard drugs hidden in incense candles, women’s clothing in Lagos

Operatives of the National Drug Law Enforcement Agency (NDLEA) in Lagos have...

Nigerian doctor, Fola David, makes history, breaks world records for largest drawing

Nigerian doctor and visual artist, Fola David, has made history by surpassing...

Dangote Refinery, Lagos, hosts Speaker, other Reps

A delegation of the House of Representatives, led by Speaker Tajudeen Abbas,...

Tinubu meets security chiefs, harps on improved synergy to curb insecurity

President Bola Tinubu has tasked security chiefs with coordinating and synergizing efforts...

Lagos unveils comprehensive plans to enhance waste management

The Lagos State Government has unveiled comprehensive plans to enhance waste management...

My new album represents journey of African music—D’banj

Nigerian music star D’banj has concluded plans to release his highly-anticipated fifth...

Gordons ‘D Berlusconi Misunderestimated’ set to “light up” Lagos in September

Legendary Nigerian comic king and performer, Gordons, is set to bring his...