Reps approve N308bn promissory note to settle outstanding claims for export grant

The House of Representatives, Wednesday, gave approval for the release of N308,458,160,546.41 in a promissory note to settle outstanding claims in Export Expansion Grant (EEG) from 2007 to 2009.

The money was for 194 beneficiary companies whose claims have been reviewed and validated.

The approval was sequel to the consideration of a report by the committee on commerce on the EEG at the committee on commerce.

Presenting the report, the Chairman of the Committee, Hon. Femi Fakeye tabulated the funds.

According to him, N193 billion was for 133 beneficiaries for EEG outstanding claims from 2017 to 2020; N108 billion was for 35 beneficiaries for EEG backlog claims of 2007-2016 just as N68 billion and N6billion were 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.

The lawmaker added that the release of N60,635,088,940.63 as outstanding to 34 companies will be stepped down due to the inability of the affected companies to provide the necessary documentation to validate their claims.

He said that the claims by the affected companies have 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 (three hundred and eight billion, four hundred and fifty-eight million, one hundred and sixty thousand five hundred and forty–six) naira, forty-one kobo only for one hundred and ninety-four beneficiary companies whose claims have been reviewed and validated. This total sum comprises the following categories of claims.

“N193, 456, 239, 386. 40 (one hundred and ninety-three billion, four hundred and fifty-six million, two hundred and thirty -nine thousand, three hundred and eighty-six Naira, forty Kobo) only for one hundred and thirty–three (133) beneficiaries in respect EEG outstanding claims for 2017-2020. N108,317,269,008.76 (one hundred and eight billion, three hundred and seventeen million, two hundred and sixty-nine thousand, eight naira, seventy-six kobo) only for thirty-five (35) beneficiaries in respect of EEG backlog claims of 2007-2016.

“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.”
Posted in Daily News Summary on November 30 at 05:34 PM

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