Post by Trade facilitator on May 21, 2010 11:00:21 GMT 1
The Federal Government on Monday ordered the Nigerian Export Promotion Council to release the sum of N26 Billion being outstanding amount for certificates of the Export Expansion Grant for the 2007 fiscal year.
The EEG is one of the export incentives introduced by the Federal Government through the Export (Incentives ans Miscellaneous Provisions) Act of 1992.
The minister of state for Finance,Mr Remi Babalola,who confirmed the directive in Abuja said the amount would be paid to the beneficiaries of the grant soon.
The minister`s directive on the release of the grant as well as the certificates was based on the audit report of the EEG scheme,which was carried out by PriceWaterHouseCooppers.
The objective of the audit exercise was to observed irregularities in the scheme,such as non provision of appropriate records to back up claims,poor documentation and lateness in remitting export proceeds,among others.
The report of the audit exercise formed the basis for the release of the grant`s certificates to the claimants.
Babalola, however, said that the directive was a major effort by the Federal Government to step up the operations of the EEG scheme towards the realisation of its key objectives of simulating export-oriented activities that would lead to the growth of the non-oil export sector in Nigeria.
The beneficiaries are expected to receive their EEG certificates from NEPC this week.
To benefit from the scheme,exporters are required to register with the NEPC after meeting certain criteria.
The criteria include ,export growth, investment growth, local content, value addition, employment generation and priority sector.
Thereafter, exporters are entitled to make claims based on the value of export proceeds they received and duly certified by the Central Babk of Nigeria.
The approved claims are paid to exporters by the government through the use of a negotiable instrument known as the Negotiable Duty Credit Certificate.
But, Babalola ,who is the Chairman,Inter Ministerial Committee of the EEG Scheme, however , warned that the Federal Government would no longer tolerate in appropriate and frivolous claims by exporters.
He disclosed that the government would not hesitate to handover fraudulent claimants to the appropriate law enforcement and anti-graft agencies in line with the administration`s avowed commitment of transparency and zero tolerance for corruption.
The minister noted that the EEG scheme would upscale the contributions of the non-oil sector to the national treasury.
He said, `The Federal Government believes that with this bold initiative to give vitality to the scheme,it will not be long before the non-oil sector begins ascendancy in contributing foreign exchange into the national coffers`.
`This is in line with government`s avowed policy of diversification of the national earning base .All stakeholders have to support this scheme fully towards making our nation a force to be reckoned with in the world.
The Punch News Paper of 5th January,2010.
Read more about Non Oil Export @ nonoilexports.tripod.com
The EEG is one of the export incentives introduced by the Federal Government through the Export (Incentives ans Miscellaneous Provisions) Act of 1992.
The minister of state for Finance,Mr Remi Babalola,who confirmed the directive in Abuja said the amount would be paid to the beneficiaries of the grant soon.
The minister`s directive on the release of the grant as well as the certificates was based on the audit report of the EEG scheme,which was carried out by PriceWaterHouseCooppers.
The objective of the audit exercise was to observed irregularities in the scheme,such as non provision of appropriate records to back up claims,poor documentation and lateness in remitting export proceeds,among others.
The report of the audit exercise formed the basis for the release of the grant`s certificates to the claimants.
Babalola, however, said that the directive was a major effort by the Federal Government to step up the operations of the EEG scheme towards the realisation of its key objectives of simulating export-oriented activities that would lead to the growth of the non-oil export sector in Nigeria.
The beneficiaries are expected to receive their EEG certificates from NEPC this week.
To benefit from the scheme,exporters are required to register with the NEPC after meeting certain criteria.
The criteria include ,export growth, investment growth, local content, value addition, employment generation and priority sector.
Thereafter, exporters are entitled to make claims based on the value of export proceeds they received and duly certified by the Central Babk of Nigeria.
The approved claims are paid to exporters by the government through the use of a negotiable instrument known as the Negotiable Duty Credit Certificate.
But, Babalola ,who is the Chairman,Inter Ministerial Committee of the EEG Scheme, however , warned that the Federal Government would no longer tolerate in appropriate and frivolous claims by exporters.
He disclosed that the government would not hesitate to handover fraudulent claimants to the appropriate law enforcement and anti-graft agencies in line with the administration`s avowed commitment of transparency and zero tolerance for corruption.
The minister noted that the EEG scheme would upscale the contributions of the non-oil sector to the national treasury.
He said, `The Federal Government believes that with this bold initiative to give vitality to the scheme,it will not be long before the non-oil sector begins ascendancy in contributing foreign exchange into the national coffers`.
`This is in line with government`s avowed policy of diversification of the national earning base .All stakeholders have to support this scheme fully towards making our nation a force to be reckoned with in the world.
The Punch News Paper of 5th January,2010.
Read more about Non Oil Export @ nonoilexports.tripod.com
