The Nigeria Customs Service, on Thursday, said its latest findings showed that the quality and price of Nigeria’s Premium Motor Spirit, popularly called petrol, were the key factors causing the persistent smuggling of PMS out of the country.
It also announced a monthly rise in its revenue generation from an average of N202bn to N343bn, representing an increase of 70 per cent. With this, it said, the service had surpassed its monthly revenue target of N307bn.
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 office of the customs boss.
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.
But 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 obtained in the past.