NSA blames petroleum smuggling for naira instability, economics woes

The National Security Adviser (NSA), Nuhu Ribadu, has raised the alarm over the increasing smuggling of petroleum products out of Nigeria, warning that the instability in the foreign exchange market would persist unless addressed.

Speaking in Abuja on Monday at a stakeholder engagement for Operation Whirlwind, organised by the Nigeria Customs Service, Ribadu highlighted the severity of the issue.

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Ribadu commented, “We have been suffering due to smuggling, and if we want to address our economic problems, smuggling has to stop. It is difficult because it is like cancer and eats up everything.

It destr%ys us and even our security forces because of the very few individuals making profit from it and half of them are not even Nigerians.
I don’t think there is any country that suffers from smuggling like Nigeria and we have to address it now because with the trouble we are going through, we can’t stabilise Naira and if we can’t stabilise Naira, then we are in trouble.”