ABUJA-The Federal Government has approved the disbursement of N308.46 billion worth of Promissory Notes to 199 exporting companies under the Export Expansion Grant, EEG, scheme.
This was disclosed weekend in Abuja last weekend by the Executive Director/Chief Executive Officer of the Nigerian Export Promotion Council, NEPC, Dr. Ezra Yakusak , while issuing letters to some beneficiaries of the scheme.
A statement signed by Mr. Ndubueze Okeke, Head, of Corporate Communications, in NEPC, said 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 2017 to 2020.
It stated also that N108, 317, 269, 008.76 was approved for 35 beneficiaries in respect of the EEG backlog of claims for the period 2007 to 2016.
Similarly, the sum of N68, 389, 000.00 was approved for 13 beneficiaries in respect of stocks of outstanding Negotiable Duty Credit Certificates, NDCC.
N6, 617, 781, 151.25 was also approved for 69 beneficiaries in respect of a shortfall in the approved claims by the 8th National Assembly.
Okeke said the council was still awaiting the approval and release of the sum of N60,635,088,940.63, being the EEG claims for 34 beneficiary companies from NASS.
The EEG is a post-shipment incentive scheme established by the Export (Incentives and 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 the export of value-added products, against raw agricultural commodities.
