The Federal Government is owing exporters N124 billion as outstanding payments of Export Expansion Grants.
The Director-General, Nigeria Export Promotion Council (NEPC), Mr Olusegun Awolowo, disclosed this when he appeared before the House of Representatives Committee on Commerce for 2021 budget defence.
He said that out of N350 billion Export Expansion Grant owed exporters, over N124 billion was still outstanding.
Mr Awolowo said the Export Expansion Grant, which is the only incentive to exporters from the council, will be further reviewed downward from 10% to 5% due to the economic downturn.
The Chairman of the committee, Mr James Fakeye said, Nigeria could not succeed until it is turned into an export-led economy.
He lamented the rate at which companies were moving out of Nigeria to neighbouring countries.
The committee, therefore, charged NEPC to come up with ideas, adding that the House would lend its support for companies to return, thrive and drive export of commodities and finished products out of the country.