Exporting Firms Receive N308 Billion Grant From FG

The Federal Government has approved the disbursement of N308,458,160,546.41 grant to 199 exporting companies.

A statement signed by Ndubueze Okeke, the of Head, Corporate Communications, Nigerian Export Promotion Council, disclosed that the disbursement come under the Export Expansion Grant Scheme

The Executive Director/CEO of NEPC, Dr Ezra Yakusak, while issuing letters to some beneficiaries of the scheme in Abuja disclosed the approval and commended the Federal Government and the National Assembly for approving the payment of the outstanding claims to the beneficiaries.

According to the statement, 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.

Also, the sum of N68,389,000 was approved for 13 beneficiaries in respect of stocks of outstanding Negotiable Duty Credit Certificates.

Furthermore, the sum of N6,617,781,151.25 was approved for 69 beneficiaries in respect of short fall in the approved claims by the eighth National Assembly.

The EEG is a scheme targeted at encouraging export of value-added products as against raw agricultural commodities.