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FG Approves Disbursement of Promissory Note for EEG Scheme

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CEM REPORT, TRADE | 199 exporting companies will receive the disbursement of N308,458,160,546.41 worth of promissory notes under the Export Expansion Grant (EEG) scheme.

Approval of the disbursement was revealed in a statement signed by Head, Corporate Communications, Nigerian Export Promotion Council (NEPC), Ndubueze Okeke.

Disclosing the approval, the Executive Director/CEO of NEPC, Ezra Yakusak, commended the Federal Government and the National Assembly for approving the payment of outstanding claims to beneficiaries.

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The sum of N193,456,239,386.40 was approved for 133 beneficiaries as 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, N6,617,781,151.25 was approved for 69 beneficiaries in respect of the shortfall in the approved claims by the eighth National Assembly.

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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 international market. The scheme is also intended to encourage export of value-added products as against raw agricultural commodities.

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