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FG to offer N5.12bn out of N1.2tr non-oil export debts

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The Federal Government has promised to provide  N5 . 12 billion out of the 1.2 trillion naira debts  it owes non - oil exporters.     

In 2018,there were expectations  that some of the debts would be payed before third quarter end.   However, delay in the implementation of the 2018 budget , which made provision for settlement of some debt elongated  the issuance of promissory notes to the beneficiaries.

Meanwhile, industry operators say exporters are owed approximately N350 billion, the Nigerian Export Promotion Council ( NEPC ) sums up the debt to be around N1 . 2 trillion.

Although the proposal to issue Promissory Notes in lieu of Export Expansion Grants claims for the legacy EEG claims of non – oil exporters was approved by the Federal Executive Council (FEC ) in 2017 , the EEG claims has been processed and approved at the series of meetings of the EEG Implementation Committee (EEGICM ).

In the same vein, The Manufacturers Association of Nigeria ( MAN ) , said the money is not enough to clear the backlogs. MAN noted that the proposal for 2019 is below expectations and may not achieve realisation of a sector that will contribute significantly to the country’ s Gross Domestic Product ( GDP) . This indicates that  manufacturing sector could be in for a tough operating environment in 2019 ,as a result of the the needed supporting policies and infrastructure not given sufficient priority .       

The Executive Director and Chief Executive Officer, Nigerian Export Promotion Council ( NEPC ) , Olusegun Awolowo , has also pleaded for patience from the non - oil exporters , assuring them of the governments efforts to  ensure the implementation and payment of outstanding debts.

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