By Christiana Ekpa
The House of Representatives on Wednesday approved the release of N308.4 billion promissory notes to settle outstanding claims in respect of the export expansion grant (EEG) to 94 beneficiary companies.
The EEG is a grant provided to exporters to enable them to stay competitive in the global market.
The approval to the companies whose claims have been reviewed and validated, followed the consideration and approval of the report of the House Committee on Commerce by the Committee on Supply at plenary.
According to the report, the N308.4 billion total amount comprised N193.4 billion for 133 beneficiaries in respect EEG outstanding claims for 2017-2020 and N108.3 billion to 35 beneficiaries in view of backlog claims of 2007-2016.
The report also showed that the breakdown include: “N68,389,000.00 (sixty-eight million, three hundred and eighty -nine thousand, naira) only for thirteen (13) beneficiaries in respect of stock of outstanding Negotiable Duty Credit Certificates (NDCCs).
“N6,617,781,151.25 (six billion, six hundred and seventeen million, seven hundred and eighty-one thousand and one hundred and fifty-one naira, twenty-five) kobo for sixty-nine (69) beneficiaries only in respect of shortfall in the approval claims by the 8th National Assembly.”
The House however, stepped down the release of the total sum of N60.6 billion outstanding to 34 companies due to their inability to provide the necessary documentation to validate their claims.
“The claims for the affected companies have not been validated after verification and therefore not recommended for the issuance of a promissory note,” the report stated.
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