Nigeria Exporters seek N70b for EEG in budget 2020

Its Executive Secretary, Mr Jaiyeola Olarewaju who spoke while addressing reporters in Abuja, Nigeria decried the persistent inadequate disbursements of the new EEG by the implementing agencies since the scheme was reintroduced as incentive to ensure exporters’ competitiveness in the international market.

He said: “We reiterate our concern at the meagre budgetary allocations and lack of proper implementation by the implementing agencies such as ministries of industry, trade and investment, finance, national planning and the Nigerian Export Promotion Council (NEPC).

“According to NEPC estimates and going by prevailing export, an annual budget provision of between N60billion and N70 billion will suffice to meet policy commitments. The government agencies and CBN have real time data on which realistic projections can be made.”

According to the breakdown he gave, the 2017 budgetary allocation of N16 billion was not implemented and  out of the 2018 allocation of N13. 28 billion, only N4 billion was paid in June 2019, leaving a balance of N9.28 billion.

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