Quality and price of Premium Motor Spirit are the major factors of the persistent smuggling of the commodity out of the country, Nigeria Customs Service said on Thursday.
Gatekeepers News reports that the acting Comptroller-General of Customs, Adewale Adeniyi, disclosed this in Abuja at an event organised by the service to mark the first 100 days in the office of the Customs boss.
He also announced a monthly rise in Customs revenue generation from an average of N202bn to N343bn, representing an increase of 70 per cent. With the increase, he said, the service had surpassed its monthly revenue target of N307bn.
President Bola Tinubu announced a halt in fuel subsidy in May this year following complaints that PMS was being smuggled out of Nigeria massively due to its very low price in the country, as well as the financial burden of subsidy on the government.
The halt in fuel subsidy led to a rise in the cost of the commodity from around N198/litre in May to about N617/litre currently, a development which was meant to halt fuel smuggling.
However, while responding to a question in Abuja on Thursday, the Customs boss said the smuggling of petrol has persisted, though it had reduced when compared to what was obtained in the past.
