Journalism in the service of society

FG approves disbursement of N308.45b promissory notes to exporting companies

THE Federal Government has approved the disbursement of N308 billion worth of Promissory Notes to 199 exporting companies under the Export Expansion Grant (EEG) Scheme.

While issuing letters to some beneficiaries of the scheme, the Executive Director of the Nigeria Export Promotion Council (NEPC), Dr. Yakusak, commended the Federal government and the National Assembly for prompt response in approving the payment of the outstanding claims to the beneficiaries.

A press release issued by the NEPC’s head of corporate commissions, Ndubueze Okeke, shows that 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.

Similarly, the sum of N68, 389, 000.00 only was approved for 13 beneficiaries in respect of stocks of outstanding Negotiable Duty Credit Certificates (NDCC).

Furthermore, the sum of N6, 617, 781, 151.25 was approved for 69 beneficiaries in respect of the shortfall in the approved claims by the 8th National Assembly.

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