FG moves to clear N330bn export grant backlog, restructure scheme
The Federal Government has begun fresh efforts to clear a N330bn backlog of outstanding claims under the Export Expansion Grant (EEG) scheme. Read More: https://punchng.com/fg-moves-to-clear-n330bn-export-grant-backlog-restructure-scheme/
The Federal Government is taking steps to address a backlog of N330 billion in claims under the Export Expansion Grant (EEG) scheme and establish a sustainable framework for supporting Nigerian exporters. The Nigerian Export Promotion Council (NEPC) is leading the process in collaboration with the Manufacturers Association of Nigeria Export Group and other stakeholders, as directed by the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole.
NEPC Executive Director/CEO, Nonye Ayeni, revealed this during a stakeholder engagement at the NEPC headquarters in Abuja. Ayeni emphasized the need to restore confidence in the EEG incentive framework, given the government's renewed focus on non-oil exports to boost economy growth and foreign exchange earnings. The outstanding claims include previously approved Promissory Note mechanism payments, verified claims from 2017-2020 and 2021-2022, and relevant stepped-down claims awaiting verification and approval.
The government aims to settle legitimate obligations while ensuring accountability, as the stakeholder engagement seeks to develop practical recommendations for restructuring the EEG scheme, particularly focusing on the funding architecture.
Written by urgent.news from Punch's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
