31 Oct FG owing exporters over N124 bn in grants
The Federal Government of Nigeria owes exporters N124 billion as outstanding payments of Export Expansion Grants, according to the Director General, Nigeria Export Promotion Council (NEPC), Olusegun Awolowo,
He disclosed this when he appeared before the House of Representatives Committee on Commerce for 2021 budget defence of the agency on Friday.
He said that out of N350 Export Expansion Grant earlier owed exporters, over N124 was still outstanding.
Awolowo said the Export Expansion Grant, which is the only incentive to exporters from the council, will be further reviewed downward from 10% to 5% due to the economic downturn aggravated by various factors.
Speaking, Chairman of the committee, James Fakeye said, Nigeria could not succeed until it is turned into an export-led economy. He lamented the rate at which companies were moving out of Nigeria to neighbouring countries.