Nigeria is losing billions of naira due to rampant fuel smuggling, according to the Comptroller General of the Nigeria Customs Service, Bashir Adewale Adeniyi. He revealed this alarming situation during a press briefing in Yola, the capital of Adamawa State, on Monday.
Adeniyi stated that the country is facing a crisis as smugglers take advantage of the significant price difference between Nigeria and its neighboring countries. “The situation is dire… Smugglers are exploiting the price difference to reap huge profits, depriving the nation of much-needed revenue,” he said.
To combat this issue, the Customs Service has launched Operation Whirlwind. In just two weeks, they seized over 150,950 liters of Premium Motor Spirit (PMS) valued at N105.9 million. However, Adeniyi acknowledged that this seizure represents only a small fraction of the illegal fuel trade, which he estimates is worth billions.
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Adeniyi warned of severe consequences if the problem is not addressed. “If left unchecked, this epidemic will further deplete our foreign exchange reserves, exacerbate economic challenges, and fund illegitimate activities,” he explained.
The Customs boss promised to intensify efforts to curb fuel smuggling and restore order to the fuel sector. He emphasized the importance of tackling this issue to prevent further economic damage and loss of revenue.
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