By Franklin Alli
The Federal Government, said yesterday, the Export Expansion Grant (EEG) scheme it suspended in 2014, will be resume in 2017 by including it in the budget.
This is to expand the volume and value of Nigeria’s exports, diversifying export products and improving global competiveness of Nigerian exporters.
The Minister of Industry, Trade and Investment, Dr. Okechukwu, disclosed this when he gave a status report on the implementation of the Ministry’s objectives.
He noted that the government suspended the EEG scheme following allegations of widespread abuse and the accumulation of significant liability on the Negotiable Duty Credit Certificate (NDCCs), adding that government intends to resume the scheme in 2017 because of its importance to the economy.
“The scheme will be included in the budget in order to manage the impact on government revenue and promote transparency,” he said.
“The Minister said that approved liability on the Scheme for unused certificates which are either in the custody of exporters or awaiting issuance in the Federal Ministry of Finance, will be settled after the conduct of an audit to verify the actual amount due.
Following EEG suspension, government set up an Inter-Ministerial Committee to access the scheme holistically and make recommendations on its continued operation or otherwise and the framework for its continued operation.