- National Assembly Delays Payment of Outstanding N1.2tn Export Grant
Payment of outstanding Export Expansion Grant estimated put at over N1tn is expected to commence as soon as the National Assembly reconvenes and gives its approval, the Executive Director and Chief Executive Officer, Nigerian Export Promotion Council, Mr Segun Awolowo, has said.
He said this in Lagos on Thursday at the Annual General Meeting of the Export Group of the Manufacturers Association of Nigeria.
The EEG, which was revived by President Muhammadu Buhari after its suspension four years ago, is to be paid through promissory notes according to an earlier announcement by the NEPC.
Speaking on the sidelines of the MAN Export Group AGM themed ‘Effective Implementation of the Non-Oil Export Incentives: A Catalyst for Export Development in Nigeria’, Awolowo who was represented by the director in charge of policy and strategy in the agency, Mr Abdullahi Sidi-Aliyu, gave assurance that the government had processed the promissory notes and concluded plans to start payment but was waiting for final approval from the National Assembly.
“The government has done all that is necessary for the take off of this programme. Right now, we are waiting for the National Assembly to reconvene and then they will grant approval for that promissory note programme.
“There are other debts that are coming under the promissory note programme. So hopefully, if the National Assembly reconvenes before the end of the year, everything will be implemented.”
In his opening remarks, the Chairman, MAN Export Group, Chief Ede Dafinone, appreciated the Federal Government for reviving the EEG, especially with the expansion of the use of the Export Credit Certificate and transfer of the ECC.
He said, “As a result of this expansion, our members will be able to transfer the ECC to a third party and use it to settle all Federal Government taxes as well as purchase of government bonds and settlement of credit facilities by development banks and liabilities of the Asset Management Company of Nigeria.”
Dafinone admitted that 2017 was tough for members of the group due to shortage of foreign exchange, high cost of energy and funds, multiple levies and taxes, smuggling that unleashed untold constraints on manufacturing operations.
“Also, since the collection of the unutilised Negotiable Duty Certificates by the Federal Government, no payment has been made which put our members in a difficult position with their banks. I hope government will commence full payment of the new EEG soon,” he stated.