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Services Front Page Back Page Advert Rates Subscription News Home National International Business News Abuja Reports Sports Politics Sun Girl Editorial Editorial Issues Letters Opinion Columnists Community Standard Guestbook View Guestbook Sun Chatroom   Features Apettit Arts BlockBuster CEO Magazine Celebrity Fashion City Sun Crime Watch Covert Choice CyberSun Enterprise Everyday Heroes Exquisite Property Fashion & Celebrity Fashion & Beauty Favourite File Health Magazine How I write Life Style Living Mafia Series Man in the street Man in the pulpit Managing a Law Firm Me & My God Media People Money Motoring Power Game Romance Romantic Faction Senior Citizen Showtime Smoking Guns Sun Splash Sunlight of Islam Travels Window of the world Window on widows Woman of the Sun Women in Business Women & Me Videoscope Weekend Sun Saturday Sun Sunday Sun Weekend Sports Weekend Cartoons Company Profile About Us Management Contact Us   FG directs EFCC to probe 22 firms …Over abuse of export grants By LUCKY NWANKWERE, Abuja Friday July 30, 2004   National Index   Twenty-two firms that benefited from grants from the Export Expansion Grant scheme (EEG) are to be handed over to the Economic and Financial Crimes Commission for prosecution as the Federal Government Wednesday approved the suspension of the scheme. The export expansion scheme was introduced in 1986 as a tariff subsidy programme to enable exporters increase the volume of their exports, diversify exports and products and to enable them classify their products for international coverage. The Federal Executive Council at its weekly meeting at the Presidential Villa presided over by Vice President Atiku Abubakar took the decision after considering a memorandum from the Federal Ministry of Finance seeking council approval for the suspension of the scheme. The Minister of State for Finance, Mrs Nenadi Usman who briefed the State House correspondents on the outcome of the meeting explained that the scheme had since inception gulped a whopping N30 billion while looking forward to another N20 billion to consume before the end of this year. "We have the names of companies that have benefited from it and we were also directed in council that we should make sure these people are handed over to EFCC if found wanting, so that they would refund whatever belongs to government," she stated. She said the scheme, established in 1986 had completely derailed from its main objective, creating a lot of concern to government. She said following President Olusegun Obasanjo’s approval to a request to carry out a running operation review of the scheme, her ministry discovered a number of things, which made it imperative that the scheme be suspended forthwith. "As a result of the concern that arose from the size, efficiency and effectiveness of the scheme, the president said we should go ahead and have a running operation review. And at the end of the day, we discovered quite a number of things that made us to recommend today that the scheme be suspended for the main time until we are able to look deep into the areas of weaknesses and strengthen on them and work things out," she stated.         HOME | ABOUT THE SUN | SPORTS | POLITICS | NEWS | COLUMNISTS | CONTACT US I ADVERT RATE © 2004 THE SUN PUBLISHING LTD. This service is provided on The Sun Newspapers' standard terms and conditions in accordance with our Privacy Policy. To inquire about a licence to reproduce material and other inquiries, Contact Us.

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