Exporters want FG to budget N70bn for export grant in 2020

The Organised Private Sector Exporters Association (OPEXA) wants the federal government to appropriate N70 billion in the 2020 budget for Export Expansion Grant (EEG).

Executive Secretary of OPEXA Mr Jaiyeola Olarewaju said in a statement released in Abuja that the budgetary provision would make up for the consistent shortfall in EEG payments since its reintroduction in 2017.

Olarewaju decried the persistent inadequate disbursements of the new EEG by the implementing agencies since the scheme was reintroduced as incentive to ensure exporters’ competitiveness in the international market.

“We reiterate our concern at the meagre budgetary allocations and lack of proper implementation by the implementing agencies such as ministries of industry, trade and investment, finance, national planning and the Nigerian Export Promotion Council (NEPC).

“According to NEPC estimates and going by prevailing export, an annual budget provision of not less than N60 to N70 billion will suffice to meet policy commitments.

“The government agencies and CBN have real time data on which realistic projections can be made,” he said.

OPEXA revealed that the 2017 budgetary allocation of N16 billion was not implemented and out of the 2018 allocation of N13. 28 billion, only N4 billion was paid in June 2019, leaving a balance of N9.28 billion.