RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

Fuel Subsidy Removal Leads to Decreased Fuel Smuggling – Customs

Stephen Akudike by Stephen Akudike
September 13, 2023
in Economy
Reading Time: 2 mins read
A A
0
Fuel Subsidy Removal Leads to Decreased Fuel Smuggling – Customs
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Adamawa/Taraba Area Command of the Nigeria Customs Service has announced a significant reduction in the smuggling of premium motor spirits (PMS), commonly known as fuel, following the removal of fuel subsidy. In a statement issued by the Customs Area Controller, Salisu Abdullahi, during a recent press briefing, he highlighted the command’s achievements in May and emphasized the decline in fuel smuggling activities.

According to Abdullahi, the command successfully confiscated a total of 14,980 liters of PMS concealed in drums and jerry cans. He further explained that due to the highly flammable nature of the seized petrol, most of it had been disposed of in accordance with standard operating procedures, with the accrued proceeds remitted to the Federation Account. The Controller also noted that the availability of fuel in all filling stations is a clear indication that the smuggling of PMS has significantly decreased since the removal of the subsidy.

AlsoRead

World Bank Downgrades Nigeria’s 2026 Growth Forecast to 4.1%

Poverty Rate Climbs to 63% in 2025 Despite Sharp Drop in Inflation – World Bank

Naira Strengthens to N1,365 per Dollar as US Dollar Heads for Weekly Loss

During the same period, the Adamawa/Taraba Area Command recorded 16 seizures of various contraband items. Among the seized goods were 494 bags of dry blended NPK fertilizers, three vehicles (including a Toyota Starlet and two Toyota Corollas) used for transporting foreign parboiled rice, 90 bags of foreign parboiled rice, and 960 pieces of foreign soaps. The total duty paid value of these seizures amounted to NN22.9 million.

Elaborating on the confiscation of the NPK fertilizers, Abdullahi explained that the restriction on the movement of the product, particularly in the Northeastern states, prompted its apprehension. He emphasized the importance of fertilizers during the current farming season, stating that farmers rely on them to enhance their crop yield. The Nigeria Customs Service, as one of the agencies responsible for implementing the government’s fertilizer movement policy, intercepted the dry blended NPK fertilizers in accordance with the National Fertilizer Quality (Control) Act of 2019, specifically Section 10, which restricts their transportation into the Northeastern states.

The Adamawa/Taraba Area Command of the Nigeria Customs Service remains committed to curbing smuggling activities and enforcing regulations to ensure the stability of the nation’s economy. With the removal of fuel subsidy contributing to a significant reduction in fuel smuggling, it is evident that the government’s policy decision has had a positive impact. The Customs authorities continue to employ stringent measures and surveillance techniques to prevent illegal activities and maintain a fair trade environment.

As the farming season progresses, the Nigeria Customs Service acknowledges the importance of facilitating the movement of essential agricultural inputs while adhering to regulatory frameworks. By upholding the law and curbing the smuggling of contraband items, the Customs Service aims to support the growth of local industries and ensure the nation’s economic prosperity.

 

Previous Post

Titan Trust Bank to acquire Union Bank minority shares.

Next Post

CBN increases Fines and Penalties for Non-Compliance of Customer Due Diligence Regulation.

Related News

World Bank Emphasizes Cash Transfers to Break Poverty Cycle in Nigeria

World Bank Downgrades Nigeria’s 2026 Growth Forecast to 4.1%

by Victoria Attah
April 10, 2026
0

The World Bank has lowered its economic growth projection for Nigeria in 2026 to 4.1%, citing the combined impact of...

Nigeria’s food inflation rate eased to 23.75% as food prices are expected to fall

Poverty Rate Climbs to 63% in 2025 Despite Sharp Drop in Inflation – World Bank

by Victoria Attah
April 10, 2026
0

Nigeria’s poverty rate increased to 63% in 2025, equivalent to about 140 million people living below the poverty line, even...

Nigeria Plans New FX Rules, Targeting 750 Naira Exchange Rate

Naira Strengthens to N1,365 per Dollar as US Dollar Heads for Weekly Loss

by Jide Omodele
April 10, 2026
0

The Nigerian naira appreciated to N1,365 per US dollar on Thursday, March 9, 2026, extending gains amid a broader global...

World Bank Extends Nigeria’s Digital Identification Project Deadline Amid Missed Targets

World Bank Affirms Nigeria’s Economic Growth Remains on Track Despite Iran Conflict.

by Victoria Attah
April 8, 2026
0

The World Bank has maintained that Nigeria’s economic growth trajectory remains intact for the first half of 2026, even as...

Next Post
CBN – FG incurred N930.8bn Fiscal Deficit in January and February 2023.

CBN increases Fines and Penalties for Non-Compliance of Customer Due Diligence Regulation.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

World Bank Emphasizes Cash Transfers to Break Poverty Cycle in Nigeria

World Bank Downgrades Nigeria’s 2026 Growth Forecast to 4.1%

April 10, 2026
Nigerian Breweries Plc Appoints Ayodele Lawal as Sales Director.

Champion Breweries Fully Redeems N15 Billion Commercial Paper Issuance

April 10, 2026

Popular Story

  • World Bank Emphasizes Cash Transfers to Break Poverty Cycle in Nigeria

    World Bank Downgrades Nigeria’s 2026 Growth Forecast to 4.1%

    0 shares
    Share 0 Tweet 0
  • Naira Strengthens to N1,365 per Dollar as US Dollar Heads for Weekly Loss

    0 shares
    Share 0 Tweet 0
  • Poverty Rate Climbs to 63% in 2025 Despite Sharp Drop in Inflation – World Bank

    0 shares
    Share 0 Tweet 0
  • FG Takes Governors to Supreme Court Over Local Government Allocations

    0 shares
    Share 0 Tweet 0
  • Global Stock Markets Dips as US Rate Cut Hopes

    0 shares
    Share 0 Tweet 0

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>