‘Nigeria losing N1,085t daily to fuel smuggling’ | The Guardian Nigeria News - Nigeria and World News

A tricycle specially designed for fuel smuggling is parked close to the Nigerian-Benin border post in Seme-Kpodji, the Republic of Benin on April 6, 2019. PHOTO: TONYE BAKARE

This comes as the Executive Secretary, Petroleum Products Pricing Regulatory Agency , Abdulkadir Saidu, said plans were underway by the agency to begin infrastructure audit in the downstream sector in this second half of 2019. The audit exercise, he said will attract investment into the sector. The breakdown showed that the country spent N219.72b in 2006, N236b in 2007, N360.18b in 2008, N198.11b in 2009, N416.45b in 2009, N1.9t in 2011 and N690b in 2012.

At the conference, which took place in Paris between June 18 and 19, participants applauded the EITI for shifting its focus on commodity trading. She said that the present scenario where government spends almost all of what it earned from crude oil sale on importing refined petroleum products does not bode well for the country, saying, “I think a state of emergency should be declared in the petroleum sector considering that it is the sector that is sustaining the economy.”

Nwadishi equally expects the incoming petroleum minister to repackage the PIGB into an executive bill saying that would hasten its passage, which has been delayed for more than a decade.

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