The House of Representatives has urged the Federal Ministries of Industry, Trade and Investment and Finance to suspend the resumption of the scheme pending the outcome of the investigation.
The House further mandated the committees on Industry and Commerce to investigate the scheme and make appropriate recommendations in furtherance of judicious use of the grant and effective monitoring of its issuance.
Rep. Sadiq Ibrahim (APC-Kaduna) who brought the motion said instead of boosting exportation of goods, the scheme created more billionaires who specialized in exploiting the inherent weaknesses of the scheme.
Also notes the administration of former President Ebele Jonathan suspended the issuance of 30% Export Expansion Grant (EEG) to exporters due to the abuses of the scheme.
Rep. Ibrahim also explained that the Leadership Newspaper of November 15, 2016 reported that the Minister of Industry, Trade and Investment,in December of 2016, met with over 200 exporters to resume the scheme.
He further expressed worry that if the suspension of the scheme is to be lifted without proper investigation to identify areas of weaknesses and block them, then the nation will in no time experience revenue shortfalls.
Recalls that the scheme was intensely investigated by a presidential committee headed by Waziri Mohammed during the regime of Olusegun Obasanjo, which some indicted persons were made to refund billions of naira to government coffers.
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