House Okays N308bn to Settle Outstanding Claims for Export Expansion Grant
The House of Representatives has approved for release the sum of N308,458,160,546.41 in promissory note to settle outstanding claims in respect of the Export Expansion Grant (EEG) between 2007 and 2009 for 194 beneficiary companies whose claims have been reviewed and validated.
The lawmakers’ approval followed the consideration and adoption of report by the committee on commerce.
The Chairman of the Committee, Hon. Femi Fakeye who laid the report explained that N193 billion was for 133 beneficiaries in respect EEG outstanding claims for 2017 to 2020; N108 billion is for 35 beneficiaries in respect of EEG backlog claims of 2007-2016, while N68 billion and N6 billion are for 13 beneficiaries in respect of stock of outstanding Negotiable Duty Credit Certificates (NDCCs) and 69 beneficiaries only in respect of shortfall in the approval claims by the 8th National Assembly.
Fakeye, however said the release of N60,635,088,940.63 as outstanding to 34 companies would be stepped down due to inability of the affected companies to provide the necessary documentation to validate their claims.
He added that the claims for the affected companies had not been validated after verification and therefore not recommended for the issuance of a promissory note.
He said, "That the House do consider the Report of the Committee on Commerce on the Approval of a Promissory Note Programme to Settle Outstanding Claims in Respect of the Export Expansion Grant (EEG) 2007 – 2009.
“That approval and release of the sum of N308, 458, 160, 546. 41 only for 194 beneficiary companies whose claims have been reviewed and validated. This total sum comprises the following categories of claims.
"N193, 456, 239, 386. 40 only for 133 beneficiaries in respect EEG outstanding claims for 2017-2020. N108,317,269,008.76 only for 35 beneficiaries in respect of EEG backlog claims of 20072016. N68,389,000.00 only for 13 beneficiaries in respect of stock of outstanding Negotiable Duty Credit Certificates (NDCCs), N6,617,781,151.25 for 69 beneficiaries only in respect of shortfall in the approval claims by the 8th National Assembly," he added.