The House of Representatives, on Thursday, urged the Federal Government to revamp the Export Expansion Grant (EGF) given by the Nigerian Export Promotion Council (NEPC).

The advice was consequent upon the adoption of a motion sponsored by Mukhtar Zakari Chawai at the plenary presided by Speaker Tajudeen Abbas.

While presenting the motion, Chawai informed that the EEG Scheme administered by the NEPC aims to support active exporters, expanding their international trade through a post-shipment incentive by way of Export grants to encourage non-oil exports.

He said, “Such grants were used by eligible Nigerian companies as government promissory notes, tax credits, access to government bonds, etc. A viable intervention for trade businesses in the country concerned that over time, owing to poor funding by the federal government, a huge number of EEG claims were not provided for.

“A provisional measure was introduced for the settlement of outstanding EEG claims through the Federal Government Promissory Note Programme (PNP). This was deployed to settle the claims in three batches: 2007-2016, 2017-2020, & 2021 to date.

“The PNP Programme has resulted in a massive and expanding national debt, with many grants still outstanding despite the 9th Assembly’s intervention in ratifying the backlog of settlements.

“Many businesses have closed as a result of the lack of a significant plan to resolve the EEG claims of viable Nigerian companies, even as a temporary solution”.

The House adopted the motion and urged the federal government and NEPC to immediately resume issuance of promissory notes to eligible companies from the 3 batches on record, namely 2007-2016, 2017-2020, and 2021 to 2024.

The House further mandated its Committee on Commerce to look into revamping the settlement of all eligible Nigerian companies and report within 4 weeks.