Buhari approves payment of N350b Exports Expansion Grants to Exporters

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After several years of carryovers, President Muhammmadu Buhari has approved payments of backlog of N350b export expansion grants to exporters

The Executive Director of the Nigerian Export Promotion Council, Segun Awolowo disclosed this weekend, saying that the backlog will be paid to exporters through the Debt Management Office, DMO

With the approvals, exporters will now receive their certificates which they can use to cover loans, debts, pay AMCORN and pay taxes as well.

Awolowo who expressed gratitudes to President Buhari for the gesture, said the sum of N190 billion has been appropriated in the 2019 budget and approved by the National Assembly for payment.

“The President promised to give continuous support for this export. I thank him that we have paid the backlogs on the export expansion grant, that is an incentive that we give to exporters. We owed them for several years but we have reversed the whole system and the president approved to pay the backlog of N350 billion to pay them”

“The National Assembly has appropriated and approved N190 billion out of it so far and we are paying it through the Debt Management Office (DMO).

“We are about to enter into African Continental Free Trade Area (AfCFTA) Agreement, which is the biggest in the world, we don’t want to be a dumping ground and that is why Mr. President refused signing until we are ready. We must be competitive, we must produce more, and we must help our manufacturers get into this market.”

Against the backdrop of poor revenue from oil, Nigeria put in place , a zero oil plan, in line with the growth recovery plan, to drive an export revolution to move foreign earning from $5b to $30b exploring the nation’s comparative advantage of agricultural products.
The zero oil … Read More...