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Friday, August 19, 2016

Why FG cancelled Export Grant - Adeosun

The Minister of Finance, Mrs. Kemi Adeosun has offered some explanation why the Federal Governemnt (FG) under the previous administration of President Goodluck Jonathan, cancelled the Export Grant, saying it was grossly abused, reports ITRealms.

Speaking during a visit by the leadership of the Nigerian Economic Summit Group, (NESG) led by the chairman Mr. Kwari Bukar and Chief Executive, Mr. Laoye Jaiyeola, said that the government justified the stopped the policy on Export Grant due to serious abuse.

While responding to the explanation sought by NESG on the current status of Export Grant, the Minister stated that although her predecessor in office halted the implementation of the policy, she believed the decision was in order going by harvests of startling revelations on the abuse of export grant.

“On paper, why will you cancel Export Grant? The EG is set up to encourage export business.

However, in a situation, where we do not have control, we open up doors for the kind of abuse, which are only imaginable. We have people exporting stones, describing them as high valued goods, collecting an import credit and using that to import fish.

“We do need to look for how to support export, but we have to be very realistic in the recommendations we are coming up with," Adeosun said.

Chuks Egbune/GEE

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Pix: L-R: Minister of Finance, Mrs. Kemi Adeosun; Chairman, Nigerian Economic Summit Group (NESG), Mr. Kwari Bukar and the group’s Chief Executive, Mr. Laoye Jaiyeola during a courtesy visit of the NESG team to the Minister in Abuja on Thursday.

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