The Federal Government has approved the disbursement of 308 billion naira worth of promissory notes to 199 exporting companies under the Export Expansion Grant (EEG) Scheme.
This information was disclosed in a press release issued by NEPC’s head of corporate commissions, Ndubueze Okeke.
In the statement, it showed 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.
Similarly, the sum of N68, 389, 000.00 only was approved for 13 beneficiaries in respect of stocks of outstanding Negotiable Duty Credit Certificates (NDCC).
Furthermore, the sum of N6,617,781,151.25 was approved for 69 beneficiaries in respect of the shortfall in the approved claims by the 8th National Assembly.
However, the Council is still awaiting the approval and release of the sum of N60,635,088,940.63, which is the EEG claims for 34 beneficiary companies, from the NASS.
The EEG is a post-shipment incentive scheme that was established by virtue of the Export (Incentives and Miscellaneous Provisions) Act, Cap. E19, laws of the Federation of Nigeria.
The export expansion grant targets stimulating an increase in the volume and value of Made-in-Nigeria products on the international market.
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