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FG approves N308bn promissory notes for exporters

The federal government has approved the disbursement of N308. 45 billion worth of promissory notes to 199 exporting companies under the Export Expansion Grant (EEG)…

The federal government has approved the disbursement of N308. 45 billion worth of promissory notes to 199 exporting companies under the Export Expansion Grant (EEG) scheme.

The Executive Director/CEO of Nigerian Export Promotion Council (NEPC), Dr Ezra Yakusak, stated this while issuing letters to some beneficiaries of the scheme yesterday in Abuja.

He said, “The sum of N193.456 billion 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 billion was approved for 35 beneficiaries in respect of EEG backlogs of claims for the period of 2007 to 2016 respectively.

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“Similarly, N68.389 million was approved for 13 beneficiaries in respect of stocks of outstanding Negotiable Duty Credit Certificates (NDCC). Furthermore, N6.617 billion 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 billion being the EEG claims for 34 beneficiary companies from the NASS,” he explained.

The EEG is a post-shipment incentive scheme that was established by virtue of the Export (Incentives & Miscellaneous Provisions) Act to stimulate increase in the volume and value of Made-in-Nigeria products for export.

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