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Reasons We can’t stabilise naira if smuggling continues – NSA, Nuhu Rubadu

Published by Tope Fakinlede on September 10th, 2024.

Reasons We can’t stabilise naira if smuggling continues – NSA, Nuhu Rubadu

The National Security Adviser (NSA), Malam Nuhu Ribadu, has expressed grave concerns over the persistent smuggling of petroleum products, emphasizing that this issue undermines efforts to stabilize the Naira and threatens overall economic stability. Ribadu made these remarks during a stakeholder meeting in Abuja on Monday, which focused on Operation Whirlwind, an initiative led by the Nigeria Customs Service to combat petroleum smuggling.

Ribadu described smuggling as a significant economic and security challenge, likening its impact to a cancer that damages both the economy and national security. He stressed that the illegal trade is fueled by a minority of profiteers, some of whom are non-Nigerians, and warned that without addressing this problem, the country would struggle to stabilize its currency.

“The extent of smuggling in Nigeria is unparalleled. If we are to overcome our economic challenges, we must eliminate smuggling. Our efforts to stabilize the Naira will falter if smuggling continues,” Ribadu stated.

He assured that his office would support the Customs Service and other security agencies in their fight against smuggling.

Comptroller Hussein Ejibunu, National Coordinator of Operation Whirlwind, reported that since the initiative’s launch on May 28, 2024, Customs officers have made significant strides. These include 27 seizures, the detection of smuggling networks in Badagry and Adamawa, and the interception of 500,000 liters of petroleum with seven trucks, valued at approximately N475 million. Ejibunu highlighted that the operation has expanded to new areas and faced threats against officers involved.

Comptroller General of Customs, Bashir Adewale Adeniyi, emphasized the critical nature of combating smuggling and the need for continued financial support. He noted that Operation Whirlwind requires about N230 million monthly, which is not covered by the current budget. Adeniyi called for collaborative funding to sustain the operation and continue its progress through the end of the year.