The Federal government has approved the payment of N195,089,234,808.64 Export Expansion Grant (EEG) arrears owned 270 companies from 2007 to 2016 in a bid to boost the country’s non-oil export.

Addressing stakeholders at a Forum organised by the Council on the implementation of the framework for the issuance of promissory notes at the weekend in Abuja, the Executive Director of the Nigerian Export Promotion Council (NEPC), Segun Awolowo, said the settlement of the outstanding claims owed exporters from 2007 to 2016 is one of government many efforts in diversifying the economy through non-oil exports.

Awolowo commended Debt Management Office (DMO) for the assistance rendered the Council in access processes. “I want to express our appreciation to the Management and staff of the DMO for the cooperation and support it has so far rendered to us and our stakeholders as regards the promissory issuance.

“Let me also use this medium to appeal to the DMO to ensure the completion of the program within the shortest possible time. It is our sincere belief that the completion of this program will contribute a lot to the development of the non-oil export in particular and the Nigerian economy,” he stated.

Awolowo explained further that, the present administration submitted a request to the National Assembly for approval of the Promissory Note Programme a few years ago.

“It is our sincere believe that the assent in January 2019 by the National Assembly of the first batch of the request and the subsequent directives by the Honourable Minister of Finance to the Debt Management Office for the settlement of the EEG debt, covering claims backlogs of 10 years (2007 to 2016) for 270 companies with a total value of One Hundred and Ninety Five Billion, Eighty Nine Million, Two Hundred and Thirty Four Thousand, Eight Hundred and Eight Naira, Sixty Four Kobo, (N195,089,234,808.64) only, will bring succor to the export sector in particular, and the economy in general.” (Tribune)

Update news