Organised Private Sector Seeks Ratification of N375bn Export Grants

At least 55 scrap metal collectors lost their lives in a series of attacks coordinated by Boko Haram insurgents in the last three weeks in Borno. Borno Festus Akanbi The Organised Private Sector Exporters Association (OPEXA) has appealed to the National Assembly to urgently ratify the approval of the N375billion Export Expansion Grant (EEG) for the exporters.

The N375 billion represents the backlog of the unpaid EEG from 2017 to 2020, which was delayed due to budgetary constraints.

The Federal Executive Council (FEC) had recently approved the disbursement in form of Promissory Notes, subject to ratification by the National Assembly.

The Executive Secretary of OPEXA, Mr. Jaiyeola Olanrewaju, in a statement issued yesterday, urged the lawmakers to expedite action on the ratification process to boost the country’s export sector.

“We sincerely appreciate the gesture shown by Mr. President and the Vice President to support the non-oil export sector.

“We also commend the intervention of both the Ministers of Finance and Industry, Trade and Investment, who tabled the issue of the EEG backlog at the cabinet.

“We now appeal to both the houses of the National Assembly to expedite the ratification of the approval given by the FEC to provide relief to the exporters who have been starved of liquidity.

“This appeal becomes more urgent in view of the fact that the ratification will be the beginning of another long process,” he said.

He said after the ratification, the recommendations of other relevant stakeholders like the Debt Management Office (DMO), International

Auditors (Peat Marwick) and the Nigeria Export Promotion Council (NEPC) would be required.

“No doubt, this process takes a while,” he said.

Olanrewaju noted that the Presidential Committee on Continuous Audit (PICA) had earlier carried out a validation exercise on the claims.

He said that the exercise included physical inspection of the facilities of beneficiary companies.

He commended effort by the government to reform the EEG policy, adding that actual implementation of the policy was most desirable.

“It was the report by PICA that the Ministry of Finance presented via a memo to the FEC for approval.