The House of Representatives has approved payment of various sums totalling N308.458bn to 194 companies who filed claims under the promissory notes programme of the Federal Government.
This is based on the recommendation of the House Committee on Commerce on the approval of a promissory note programme to settle outstanding claims in respect of the Export Expansion Grant 2007–2009, which the chamber considered and adopted at the plenary on Wednesday.
The EEG is a grant provided to exporters to enable them to stay competitive in the global market.
The Organised Private Sector Exporters Association had, in June, appealed to the National Assembly to urgently ratify the approval of the N375bn by the Federal Government on the backlog of the Export Expansion Grants for exporters.
The N375bn is the backlog of the EEG from 2017 to 2020, whose payment was delayed due to budgetary constraints by the Federal Government.
The Federal Executive Council had approved the disbursement of the money to exporters in the form of promissory notes, which would become effective after the ratification by the National Assembly.
Considering the report, the House adopted the recommendation “that approval and release of the sum of N308,458,160,546.41 only for 194 beneficiary companies whose claims have been reviewed and validated. This total sum comprises the following categories of claims:
“(a) N193, 456, 239, 386. 40 only for 133 beneficiaries in respect EEG outstanding claims for 2017-2020; (b) N108,317,269,008.76 only for 35 beneficiaries in respect of EEG backlog claims of 2007-2016; (c) N68,389,000.00 only for 13 beneficiaries in respect of stock of outstanding Negotiable Duty Credit Certificates; and (d) N6,617,781,151.25 kobo for 69 beneficiaries only in respect of shortfall in the approval claims by the 8th National Assembly.”
The committee, however, recommended that the House “step down the release of the total sum of N60,635,088,940.63 only outstanding to 34 companies due to inability of the affected companies to provide the necessary documentation to validate their claims. The claims for the affected companies have not been validated after verification and therefore not recommended for the issuance of a promissory note.”
Meanwhile, the House Committee on Telecommunications, on Wednesday, laid its report on the proposed budget of the Nigerian Communications Commission.
It was titled, “Report of the Committee on Telecommunications on the issue from the Statutory Revenue Fund of the Nigerian Communications Commission, the total sum of N553,720,192,000.00 only, of which the sum of N72,128,351,000.00 only is for Recurrent Expenditure, while the sum of N4,057,940, 000. 00 only is for Capital Expenditure; the sum of N23,812,353 000.00 only is for Special Project, while the sum of N10,000,000,000 only is for transfer to the Universal Service Provision Fund; N443, 604, 722, 000.00 only will be transferred to the Federal Government of Nigeria, and the sum of N16,000,000,000 only is for the budget of the Universal Service Provision Fund for the period ending 31 December, 2023.”