Connect with us
Advertisement
Oando
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Binance
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
Access bank
Advertisement
app

Business

We are working to clear N124 billion backlog of export claims – NEPC

NEPC says it is working with FG to recover payments of N124 billion backlog of claims under the Export Expansion Grant scheme.

Published

on

We are working to clear N124 billion backlog of export claims - NEPC

The Nigerian Export Promotion Council (NEPC) announced that it is working with the Federal Government to recover payments of N124 billion backlog of claims under the Export Expansion Grant (EEG) scheme.

This was disclosed by the Mr. Lawal Dalhat, the Deputy Director, Incentives, NEPC during an interview with the News Agency of Nigeria on Sunday.

READ: How Nigerian exporters will benefit from NEXIM Bank’s disbursed $1 billion

Mr. Dalhat revealed that EEG claims from non oil exporters between 2007-2016 have already been paid. He disclosed that there still remains backlogs in payments since 2017.

He added that the National Assembly has approved 270 companies for N195 billion in EEG claims, citing that 1,415 were shortlisted and only 308 were qualified.

“The remaining 38 companies out of the 308 companies have N124 billion.

READ: We have exported 7 clinker vessels to other African countries since June – Dangote Cement

“We have gotten positive response that the Ministry of Finance, Budget and National Planning, is actually working to secure approval by Federal Executive Council (FEC) and hopefully move it to National Assembly to settle debts for the remaining companies,” he said.

Hotflex

The Director stated that the review in claims is being monitored under the national debt programme with promissory notes already being issued, with the FEC’s approval to cover debts of 1,415 exporting companies valued at about N350 billion.

READ: Amaechi pleads with NASS to halt questioning of loan agreement with China

“The National Assembly had its processes along the way, out of the qualified 308 companies, a substantial number of the exporters, more than 270 companies covering a debt of about N195 billion were approved and passed by the assembly,” he said.

“The balance of N124 billion was remaining for 38 companies that were not cleared by the 8th National Assembly as at that time and the 9th assembly came in.

“So, it required that they have to be cleared by the National Assembly and the procedure is that another new submission has to be made by FEC for others to be captured and sent to Debt Management Office (DMO),” he added.

READ: NDDC Probe: Akpabio accuses NASS members of getting most of the commission’s contracts

What you should know 

Jaiz bank

The Export Expansion Grant (EEG)  is a post-shipment incentive designed to encourage Nigerian exporters to expand export volume, value, and improve global competitiveness of Nigerian products.

Nigerian exporters can get between 5% to 15% of their annual export value, depending on exporters’ product category, which is usually paid through the instrument known as Export Credit Certificate (ECC). The EEG scheme was established through the Miscellaneous and Export Incentive Act of 1986.

READ: Land Border Permit: BUA also given approval to transport cement to Niger Republic

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

Reps to investigate train ticket racketeering after Nairametrics report

Lawmakers allegedly found that ticket racketeering is done by operators of the Abuja and Kaduna railway stations.

Published

on

bill, House of Reps to make Youths globally competitive, Closing of Nigerian-owned shops in Ghana must be dealt with decisively - Femi Gbajabiamila, Lagos State needs N1 trillion for reconstruction - Femi Gbajabiamila

Legislators in the House of Representatives are set to investigate alleged railway ticket racketeering after Nairametrics uncovered the menace in a special report in March.

The House of Representatives resolved to do this after they allegedly found that ticket racketeering activities were being carried out by operators of the Abuja and Kaduna railway stations.

READ: Nigerians lament over hike in train fare caused by black market racketeering

What lawmakers are saying about racketeering

Zayyad Ibrahim of APC from Kaduna at the plenary, on Tuesday, said:

“The e-Ticketing System for the Abuja-Kaduna train services enabled commuters to book tickets online, thus curbing ticket racketeering and the stress of purchasing tickets at the train stations.

“[We are] concerned that ticket racketeering, which the e-Ticketing System sought to eradicate, is still going on unabated, as tickets can no longer be adequately accessed online due to the mischievous activities of some people, who buy wholesale tickets and resell to passengers at exorbitant prices.

“Taking cognizance of the fact that if the activities of racketeers are not curbed, passengers will continue to be denied the privilege of accessing the train services as, sometimes, a train may leave the station without carrying the required number of passengers, because the tickets are not accessible or affordable to the majority of passengers.”

Hotflex

READ: Sanwo-Olu says Lagos rail projects will cost over N100 billion

The House urged the management of the Nigerian Railway Corporation (NRC) to strengthen their internal mechanisms with a view to eradicating ticket racketeering.

In his ruling, the Speaker of the House, Rep. Femi Gbajabiamila, mandated the Committee on Land Transport to investigate the matter and report back within two weeks for further legislative action.

What you should know about the e-Ticketing system

The Abuja-Kaduna train services were officially commissioned by President Muhammadu Buhari on 26th July 2016, to provide an alternative to road transportation in the area.

There had been a tremendous increase in passengers at Idu and Kubwa stations in Abuja, as well as at Rigasa in Kaduna, due to increased patronage following security challenges on the Abuja and Kaduna Expressway. But it appears that that the increase in passengers led to ticket-racketeering, an ugly practice.

READ: Train 7 project: NLNG reacts after NNPC, others delay decision 

On March 16, 2021, Nairametrics published a special report where Nigerians lamented over the recent hike in train fares, which many of them said was illegal.

Jaiz bank

Aside from the difficulties and over 100% hike in the fares, most of the victims, who spoke with Nairametrics, urged the Federal Government through the Rotimi Amaechi-led Ministry of Transportation to investigate the allegations and expose the activities of the corrupt individuals involved in the menace.

Continue Reading

Business

Insecurity: Lagos to roll out extensive policies in May to keep the state safe

Governor Sanwo-Olu has assurred Lagos residents of his government’s intention to tackle impending security challenges in the state.

Published

on

Lagos orders removal of all unapproved street gates in the state to ease traffic, Sanwo-Olu to stop pension for former governors, deputies, #EndSARS: Judicial Panel of Inquiry and Restitution to include Lekki toll gate incident – Sanwo-Olu, Lagos approves resumption of all classes in public, private schools, Lagos takes major step towards delivery of Fourth Mainland Bridge, Lagos to construct rail line to airport terminal for international passengers, COVID-19: Lagos State to begin curfew on Sunday to disinfect metropolis, Lagos state government discharges 7 more coronavirus patients, Lagos state will reverse to full lockdown, Sanwo-Olu to virtually inaugurate projects as he presents scorecard of first year in office, Lekki regional road: Sanwo-Olu revokes land titles of Elegushi Royal family, Lagos pays N1.3 billion into the RSA of 246 retirees, Lagos State to empower 2.5 million youths in Arts and Crafts

The Lagos State Government has said that it would in the month of May roll out extensive policies to tackle impending security challenges in addition to providing far-reaching support to all security operatives to keep the state safe.

This follows the high rate of insecurity which is characterized by kidnapping, banditry, terrorism, armed robbery and so on, in different parts of the country.

This was disclosed by the Lagos State Governor, Babajide Sanwo-Olu, on Monday, while speaking at the 3rd session of the 34th Synod of the Diocese of Lagos, Church of Nigeria (Anglican Communion) held at Our Saviour’s Anglican Church, Tafawa Balewa Square, Lagos.

Sanwo-Olu assured that Lagos will be a state that everybody would be proud of, adding that his administration will deliver on all the THEMES six-pillars developmental agenda for ‘Greater Lagos.’

READ: Lagos takes steps to prevent third wave of Covid-19, facilities on high alert

What the Lagos State Governor is saying

Sanwo-Olu in his statement said, “Talking about security, we can say Lagos is relatively better but I sit on it and I know what we are doing and the things we need to do. We know we have issues to deal with as a country and Lagos will certainly be leading that conversation because we know how critical this State is to the nation.

“This is the melting pot for our nation where anybody can come in with a lot of aspirations and do well. Lagos is a state that gives hope to a lot of Nigerians. Lagos is a state that gives hope to all of Nigeria. So, we cannot afford anything to happen here. I can assure you with every sense of commitment that we will stop at nothing to make sure that Lagos remains safe and secure.

“In this month of May, you will see extensive pronouncements in that regard. You will see extensive policies and far-reaching support that would be given out to all our security operatives so that it is not just a talk show and film show; it is something we are committed to and we will continue to make sure that our Lagos remains safe, secure, prosperous and a place where all of you would truly be proud of.”

READ: Lagos announces the closure of Ikorodu Road inbound Anthony for 4 weeks

On some of the measures being taken by his administration to curb insecurity in the state, Governor Sanwo-Olu said “We will deal with the issue of motorcycle in systematic order and to have a human face to it, we would provide credible alternatives. We cannot throw the baby and the water away. The alternatives would be properly fashioned out before the end of the month of May.

Governor Sanwo-Olu also appealed to citizens who have buildings that are either not completed or abandoned to get a professional security company to take them over so that they can monitor and police them well instead of leaving them open for criminals as hideouts.

 

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.