The Minister of Finance, Mrs. Kemi Adeosun, yesterday, disclosed how the federal government Export Grant was thoroughly abused in the past, saying that some people got export grants for exporting stones.
She spoke during a meeting with the Nigeria Economic Summit Group (NESG), in Abuja.
Her words, “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.
The group met her to seek federal government assistance in making export business more attractive , among others.
She said that although the Export Grant scheme was stopped by the previous administration due to unprecedented abuse, the current government upheld the suspension in order to undertake a critical review of the policy.
She challenged the private sector body to come up with suggestions on implementable policies, in view of the current economic situation in the country.
Extending her hand of fellowship to the NESG, the Minister said the Ministry of Finance was ready to work with them and therefore challenged the private sector group to keep track of some of the recommendations to the Federal Government.