The Vice President, Dr Mahamudu Bawumia, has said that the country loses over 200 million dollars per annum in tax revenues due to illicit activities in the downstream petroleum sector. He said the illicit activity, which comes in the form of illegal bunkering, smuggling of petroleum products, and dumping of products meant for export on the local market, has become a source of great concern to the government. “These activities constitute an emerging threat which impact negatively on our maritime security as well as the nation’s efforts in mobilising tax revenue from the sale of petroleum products,” he said. Dr Mahamudu Bawumia said the dynamics of the illicit activities in the petroleum downstream industry required a multi-pronged solution to ensure sanity in the industry, and charged the National Petroleum Authority (NPA) to enhance and sustain the already irritated technological interventions to arrest the situation. Dr Bawumia said the act […]