Reps Probe Revenue Accruing From Export, NEPC Activities | Independent Newspapers Limited
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Reps Probe Revenue Accruing From Export, NEPC Activities

Posted: May 19, 2016 at 8:13 pm   /   by   /   comments (0)



The House of Representatives on Thursday resolved to assess the foreign exchange earnings into the country and the activities of the Nigerian Export Promotion Council (NEPC) in recent years.

The resolution was passed sequel to the adoption of a sponsored by Abdullahi Faruk (APC-Kebbi), which was unanimously adopted by members through a voice vote.

In his lead debate, Faruk noted that in order to ensure Nigeria does not depend solely on oil production for its income, the Nigerian Export Promotion Council was established in 1976.

He added that the establishment was for it to be the leading Agency for promoting non-oil exports from the country.

He, however, lamented that in spite of the establishment of the Council, Nigeria had continued to rely on the exportation of crude oil.

According to him, it accounts for over 70 per cent of the total revenue that sustains the economy.

The lawmaker also expressed concern that massive importation of foreign goods over the years and the fall in the price of crude oil in the international market had adversely affected the economy.

While stressing the need to step up promotion of export of Nigerian goods to increase the country’s foreign earning, Faruk urged government to fast track policies that would support diversification of the economy through non-oil exports.

The motion was referred to the Committee on Commerce and report back to the House within six weeks for further legislative action.