The Federal Government has approved the disbursement of N308. 45 billion Promissory Notes to 199 exporting companies under the Export Expansion Grant (EEG) Scheme.

The Nigerian Export Promotion Council (NEPC) Executive Director Ezra Yakusak confirmed the development at the weekend while issuing letters to some beneficiaries of the scheme.

Yakusak, commended the Federal Government and the National Assembly for prompt response in approving the payment of the outstanding claims to the beneficiaries, a statement by the Head of Corporate Communications Ndubueze Okeke said.

The sum of N193.456 billion was approved for 133 beneficiaries of the scheme in respect of EEG outstanding claims for the period of 2017 to 2020 while the sum of N108.317 billion was approved for 35 beneficiaries in respect of EEG backlogs of claims for the period of 2007 to 2016 respectively.

Similarly, N68.389 million was approved for 13 beneficiaries in respect of stocks of outstanding Negotiable Duty Credit Certificates (NDCC).

Furthermore, N6.617 billion was approved for 69 beneficiaries in respect of the shortfall in the approved claims by the 8th National Assembly.

However, the Council is still awaiting the approval and release of the sum of N60.635 billion being the EEG claims for 34 beneficiary companies from the NASS.