Speaker of the House of Representatives, Rt Hon. Yakubu Dogara, has expressed support for the resolve of the federal government to suspend the issuance of Negotiable Duty Credit Certificate, saying the scheme was abused to the detriment of the Nigerian people.
The speaker reiterated his support for Export Expansion Grant (EEG) as one of the tools that can strengthen the manufacturing sector.
According to a statement issued by his spokesman, Turaki Hassan, Dogara spoke when he received in audience members of the Manufacturing Association of Nigeria (MAN) in his office on yesterday in Abuja.
He further explained that when he he was chairman of the House Committee on Customs, he was privy to a lot of sharp practices in the use of Negotiable Duty Certificate which led to loss of revenue to the federal government.
Going further, he added, “My thinking was if that instrument was meant to help a particular manufacturer, why do you make it negotiable? Why is it that such an instrument can be negotiated by a third party and the value claimed by a third party?”