The Organised Private Sector Exporters Association (OPEXA) has asked that the federal government to appropriate N70 billion in the 2020 budget for Export Expansion Grant (EEG).
Mr Jaiyeola Olanrewaju the Executive Secretary of OPEXA, in a statement relased in Abuja, said that the budgetary provision would make up for the consistent shortfall in EEG payments since its reintroduction in 2017.
Criticizing 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, Olanrewaju 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).
An annual budget provision of not less than N60 to N70 billion will suffice to meet policy commitments as stated in NEPC estimates and prevailing reports
“The government agencies and CBN have real time data on which realistic projections can be made,” he said.
OPEXA revealed that 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.
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 as revealed by OPEXA.