Finance, DMO approve N195bn to exporters for EEG settlement

By
Finance, DMO approve N195bn to exporters for EEG settlement

The Nigerian Export Promotion Council (NEPC) disclosed at the weekend that the Export Expansion Grant (EEG) is being resuscitated as the minister of Finance has directed the Debt Management Office for settlement of the EEG debts.

The debt is covering claims back log of 10 years from 2007 to 20016 for 270 companies with the total value of one hundred and ninety five billion, eighty nine million, two hundred and thirty four thousand, eight hundred and eighty naira, and sixty four kobo (N195,080,234,808.64).

The Executive Director, CEO, Nigeria Export Promotion Council NEPC, Olusegun Awolowo, disclosed these at the stakeholders forum on the framework for the issuance of Promissory Notes for the settlement of outstanding Export Expansion Grant claims 2007-2019, stating that this will bring succor to the export succor in particular and the economy in general.

 He added that there is also positive signal from the National Assembly as it will soon pass the second batch of approval for the remaining 39 companies with a total N124bn.

According to him, the settlement of this inherited debt by the government will pave way for the revival of the non-oil export sector of the economy.

It will in no small measure enable financial institutions inject funds for further export activities, generate more foreign exchange as well as employment for the teeming youths of the country.

“Statistics from the pre-shipment inspection agents and the National Bureau of Statistics analyzed by the council showed that, the country’s export earnings for 2017 and 2018 experienced an upward trend.

“There was a growth of 48.43% from $1.204 billion in 2016 to $1.787 billion in 2017, it further went up by 27.22% equivalent to $2.274 billion in 2018.

“It is our sincere believe that exports for 2019 will grow by about 40 percent in view of the settlement of the exporter’s debt through the promissory note programme.”

Awolowo said in line with government policy on the Ease of Doing Business and to compliment these efforts, the council has developed an online, real time portal for the processing and management of the EEG claims. The online platform will provide opportunity for all stakeholders, processing government agencies, auditors of the scheme, exporters and other relevant stakeholders to submit, review and access information regarding the processing of claims.

source:https://samueljackson12.blogspot.com/2019/04/finance-dmo-approve-n195bn-to-exporters.html

Comments

Post a Comment

Popular posts from this blog

Prostitution; Nigerian Women At Growing Risk From Human Traffickers In Germany.

By
Image
According to InfoMigrants, Nigerian women are at growing risk from traffickers in Germany who exploit and engage them in prostitution. Read the full report below by InfoMigrants. The new prostitute protection law in Germany was meant to identify victims of human trafficking – most of them migrant women. More than 18 months after the law came into effect, thousands continue to be targeted for exploitation, and the risk for Nigerian women seems to be increasing. There are campervans parked by the roadside. Some have hearts painted on them, one says “girls, girls” in red letters. It’s an easy matter for someone to stop for a quick transaction in one of these Love-Mobiles – sex with one of the “girls” in exchange for the going rate. Prostitution is mainly legal in Germany, as are these mobile brothels. But many of the women in the business – including those working from the Love-Mobiles – are victims of illegal human trafficking. Most of the women are from Eastern Europe or Nige
Read more

FULL TEXT: A sacrifice for our new political order – Ezekwesili

By
Image
“When the ACPN leadership approached me in a series of visits to appeal that I run for office on their platform, the party appeared to be a good fit. It was founded by some disgruntled PDP members some years ago, but when its prime founder decided to return to the PDP, a core of its membership refused to move back with him. I was told that they stayed back because of their opposition to the ways of the PDP. Considering my vocal disapproval of the PDP and the APC, I admired the ACPN’s decision to stand firm and refusal to be co-opted.” It has been an interesting one week since I made the tough but necessary decision to suspend my campaign for the presidency. I have been truly overwhelmed by the reactions to my announcement from Nigerians. Even in airports outside the country as I travelled last week, Nigerians walked up to me with questions, concerns, encouragement, and motivation. I also saw disappointment by some who had poured their hearts and hopes into actualising our mission
Read more

Update On Slay Queen Who Was Stripped Naked And Tortured Over Missing Phone.

By
Image
The League of Patriotic Lawyers has given Edo State Commissioner of Police, Mr. Olusegun Odumosu, 24 hours to unravel those behind the torture and insertion of pepper into a girl’s private part in Benin City over alleged stealing of a mobile phone.  Chairman of the platform and former Student Union President of the University of Benin, Mr. Abubakar Yesufu, who said this in a statement yesterday, also urged the state Director, Department of State Services, DSS, to be involved in the investigation. A video of the incident, seen by Vanguard yesterday, showed the girl being stripped naked by a group of people, who inserted pepper into her private parts for allegedly stealing a phone. The unidentified girl was heard crying and saying she didn’t steal any phone, while she was being humiliated by the crowd. Yesufu said: “The League of Patriotic Lawyers has given the Edo State Commissioner of Police 24 hours to arrest and commence prosecution of all the street urchins behind this ba
Read more