The Nigeria Customs Service revealed on Thursday that their recent findings indicate that the primary reasons for continuous petrol smuggling out of the country are the quality and pricing of Nigeria’s Premium Motor Spirit (PMS), commonly known as petrol.
Additionally, they reported a monthly revenue increase from an average of N202 billion to N343 billion, marking a significant 70% rise. This surge allowed the service to surpass its monthly revenue target of N307 billion.
Acting Comptroller-General of Customs, Adewale Adeniyi, disclosed this in Abuja during an event commemorating the first 100 days in office of the customs boss. President Bola Tinubu had earlier announced the cessation of fuel subsidy in May due to concerns about massive PMS smuggling stemming from its low price in Nigeria and the financial burden of subsidy on the government.
While the removal of fuel subsidy led to a rise in petrol prices from approximately N198 per litre in May to about N617 per litre presently, intended to curb fuel smuggling, the customs chief stated that petrol smuggling still persists, albeit at a reduced level compared to the past.
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