Business
Customs Cripples Smugglers At Seme Intercepts N19.78m Worth PMS
The Nigeria Customs Service (NCS), Seme Command, said it intercepted 75,000 litres of Premium Motor Spirit (PMS) along the bushes within Seme and Badagry axis.
The Spokesman of the Command, Hussein Abdulahi, a Superintendent of customs who made this known in a statement on behalf of the Command, said the petrol concealed inside sacks and Jerry cans were intercepted during routine patrol by operatives of the Command.
According to him, “the seized petrol has a Duty Paid Value (DPV) of N19,785million.
The image-maker of the Command quoted Comptroller Jibo, as saying, “In continuation of our efforts to suppress the smuggling of the petroleum products within the nooks and crannies of the Command, officers and men of the Seme Area Command on a routine patrol along the bushes within Seme and Badagry intercepted another large quantity of petroleum products packaged in sacks and Jerry cans.
“The arrest was made in the early hours of Thursday, September 2022.
“The seized petroleum products were estimated to be around two thousand five hundred (2,500) Jerry cans of thirty litres each equivalent to Seventy-Five thousand (75,000) litres.
“The duty paid value (DPV) is N19,785,000.00 only”, according to the statement.
The Area controller, Comptroller Jibo, warned perpetrators of the illegal activities to stay off Seme Border routes or continue to count heavy losses as his men were determined to frustrate them out of the area.
He recalled that three weeks ago, the Command made a similar arrest of over 119,000 litres of the same petroleum products.
By: Nkpemenyie Mcdominic, Lagos
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Sugar Tax ‘ll Threaten Manufacturing Sector, Says CPPE
In a statement, the Chief Executive Officer, CPPE, Muda Yusuf, said while public health concerns such as diabetes and cardiovascular diseases deserve attention, imposing an additional sugar-specific tax was economically risky and poorly suited to Nigeria’s current realities of high inflation, weak consumer purchasing power and rising production costs.
According to him, manufacturers in the non-alcoholic beverage segment are already facing heavy fiscal and cost pressures.
“The proposition of a sugar-specific tax is misplaced, economically risky, and weakly supported by empirical evidence, especially when viewed against Nigeria’s prevailing structural and macroeconomic realities.
The CPPE boss noted that retail prices of many non-alcoholic beverages have risen by about 50 per cent over the past two years, even without the introduction of new taxes, further squeezing consumers.
Yusuf further expressed reservation on the effectiveness of sugar taxes in addressing the root causes of non-communicable diseases in Nigeria.
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