Take petrol business to Cameroon, Chad, Niger, Benin – Custom boss advises

In a round solution to smuggling of petroleum products, the Comptroller General of Nigerian Customs Service, NCS, Col. Ahmadu Ali (rtd), called for the establishment of petrol stations in neighbouring countries.
 
Ali’s call was directed to the Department of Petroleum Resources, DPR and the Nigeria National Petroleum Corporation (NNPC) when he made a briefing at presentation of the 2022—2024 Medium Term Expenditure Framework (MTEF), and Fiscal Strategy Paper(FSP), before the House Committee on Finance,
 
He urged the petroleum agencies to issue licenses to petrol stations in neighbouring countries, to check the smuggling of petroleum products to those countries.
 
“To check cross border smuggling of petroleum products and improve on government revenue, the government, must establish filling stations in neighbouring countries like Togo, Benin, Chad, Niger, Cameroon and other neighbouring countries”.
 
Finance minister Zainab Ahmad, who made the presentation said that exchange rate, the naira is being pegged at N410 to $1(US Dollar), just as that minister told legislators that the projection is likely to come down in favour of the naira in 2023.
 
She said: “the budget deficit and the financing items for the expenditure. The budget deficit that is projected for 2022 is N5.62 trillion, up from N5.60 trillion in 2021.”
 
“The deficit is going to be financed by new foreign borrowing. And domestic borrowing, both domestic and foreign in the sum of N4.89 trillion, then privatisation proceeds of N90.73 billion and drawdowns from existing project titles of N635 billion.
 
“This amount represents 3.05 per cent of the estimated GDP, which is slightly above the 3 per cent threshold that is spent recommended in the Fiscal Responsibility Act.
 
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