Fed Govt Releases N309bn Grant To Exporting Firms

The Federal Government has approved the disbursement of N308, 458, 160, 546.41 worth of promissory notes to 199 exporting companies.

According to a statement signed by the Head, Corporate Communications, Nigerian Export Promotion Council (NEPC) Ndubueze Okeke, the disbursement come under the Export Expansion Grant scheme.

The Executive Director/CEO of NEPC, Dr. Ezra Yakusak, while issuing letters to some beneficiaries of the scheme in Abuja disclosed the approval and commended the Federal Government and the National Assembly for approving the payment of the outstanding claims to the beneficiaries.

It was gathered that the sum of N193, 456, 239, 386.40 was approved for 133 beneficiaries of the scheme in respect of EEG outstanding claims for the period of 2017 to 2020 while the sum of N108, 317, 269, 008.76 was approved for 35 beneficiaries in respect of EEG backlogs of claims for the period of 2007 to 2016 respectively.

Also, the sum of N68, 389, 000 was approved for 13 beneficiaries in respect of stocks of outstanding Negotiable Duty Credit Certificates.

Furthermore, the sum of N6, 617, 781, 151.25 was approved for 69 beneficiaries in respect of short fall in the approved claims by the eighth National Assembly.

However, the council is still awaiting the approval and release of the sum of N60,635,088,940.63 being the EEG claims for 34 beneficiary companies from the National Assembly.

The EEG is a post-shipment scheme targeted at stimulating increase in the volume and value of Made-in-Nigerian products in the international market. The scheme is also intended to encourage export of value-added products as against raw agricultural commodities.