The Nigerian Government has approved the disbursement of over 308.45 billion naira worth of Promissory Notes to 199 exporting companies under the Export Expansion Grant (EEG) Scheme.
The Executive Director of Nigerian Export Promotion Council, NEPC, Dr. Ezra Yakusak disclosed this in Abuja while issuing letters to some beneficiaries of the scheme.
Dr. Yakusak commended the Federal government and the National Assembly for prompt response in approving the payment of the outstanding claims to the beneficiaries.
According to a statement by the NECP, “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.”
“Similarly , the sum of N68, 389, 000.00 only was approved for 13 beneficiaries in respect of stocks of outstanding Negotiable Duty Credit Certificates.” It added.
It also stated that over 6.61 billion naira was approved for 69 beneficiaries in respect of short fall in the approved claims by the 8th National Assembly. .
However, the Council said it is still awaiting the approval and release of the sum of over 60.63 billion naira being the EEG claims for 34 beneficiary companies from the National Assembly.
The EEG is a post-shipment incentive scheme that was established by virtue of the Export (Incentives & Miscellaneous Provisions) Act, Cap E19, laws of the Federation of Nigeria.
It is targeted at stimulating the 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 againts raw agricultural commodities.
