Comptroller General of the Nigeria Customs Service, Bashir Adewale Adeniyi, has revealed that Nigeria is losing billions of naira due to rampant fuel smuggling.
During a press briefing in Yola, Adamawa State capital, on Monday, Adeniyi explained that the illicit trade, driven by significant price differences between Nigeria and neighboring countries, has reached crisis levels.
“The situation is dire… Smugglers are exploiting the price difference to make huge profits, thereby depriving the nation of much-needed revenue,” he stated.
To tackle this issue, Customs launched Operation Whirlwind, seizing over 150,950 liters of Premium Motor Spirit (PMS) worth ₦105.9 million in just two weeks.
However, Adeniyi acknowledged that these seizures are just a small fraction of the illegal trade, which is estimated to be worth billions.
“The consequences of inaction are severe,” Adeniyi warned.
“If left unchecked, this epidemic will further deplete our foreign exchange reserves, worsen economic challenges, and fund unlawful activities.”
Adeniyi vowed to curb the illegal trade and restore order to the nation’s fuel sector.
