The Federal Government has approved the sum of N20 billion to settle 2017 export claims.

The Executive Director/Chief Executive Officer, Nigeria Export Promotion Council, Olusegun Awolowo, stated this on Thursday in Kano.

At a stakeholders’ forum on the revised guidelines on the Export Expansion Grant, Awolowo stated that the review of the scheme by the Federal Government was meant to boost the economy, as well as resuscitate ailing industries in the country.

According to him, the theme of the forum, ‘Improved EEG scheme for sustainable growth and development’, is to review the scheme by an inter-ministerial committee set up to look at the underlying issues and proffer solutions to enable the reactivation of the scheme after its suspension in 2013.

Awolowo said, “I am glad to also announce that the Federal Government has approved a budgetary provision for the settlement of the EEG claims, with initial provision of N20bn in the 2017 budget for the settlement of the current year’s export claims.

“This will eliminate complaints over revenue loss by utilising agencies, as well as the Export Credit Certificate, which replaces the Negotiable Duty Credit Certificate, which is expected to cover a wider scope than just settlement of taxes. Its usage will include purchase of government’s bonds, settlement of government loans, such as from the BoI, NEXIM AMCON, BoA etc.”