James Emejo in Abuja
Executive Director/Chief Executive, Nigerian Export Promotion Council (NEPC), Dr. Ezra Yakusak had disclosed that promissory notes valued at N308.45 billion have been approved the disbursement to 199 exporting companies under the Export Expansion Grant (EEG) Scheme.
Speaking while issuing letters to some beneficiaries of the scheme, he commended the federal government and the National Assembly for prompt response in approving the payment of the outstanding claims.
He said the sum of N193.45 billion was approved for 133 beneficiaries of the scheme between 2017 and 2020 while N108.31 billion was approved for 35 beneficiaries between 2007 to 2016 respectively.
Similarly, he pointed out that N68.38 million was approved for 13 beneficiaries in respect of stocks of outstanding Negotiable Duty Credit Certificates (NDCC).
The NEPC boss also said N6.61 billion was approved for 69 beneficiaries by the 8th National Assembly.
Yakusak said the council was still awaiting the National Assembly approval and release of N60.63 billion for 34 beneficiary companies.
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.
Head, Corporate Communications
NEPC, Ndubueze Okeke, in a statement said the scheme was 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 the export of value-added products as against raw agricultural commodities.
Analysts believed the recent approval for disbursement ultimately lead to an increase in the country’s foreign exchange earnings.