REPORTS and pronouncements by officials reveal astronomical levels of petroleum products smuggling, the high landing cost of imports, and subsidy amid seeming helplessness by the government to resolve the crisis. Smuggling is destructive because it translates to Nigeria incurring huge sums to subsidise petrol for other countries. The failure to stop the massive smuggling of petrol to neighbouring countries where pump head prices are higher is galling. A report in The PUNCH confirmed large-scale smuggling of petrol across the borders, facilitated by collusion by insiders and security agents. Nigeria incurred N10.41 trillion on petrol subsidy between 2006 and 2019.

Source: Punch July 08, 2021 23:26 UTC