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.”

Daniel OkejemeJune 10, 20241 Mins read1.2k

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.