NEXIM Bank N25bn import tariff not misappropriated – Officials

Nigerian Export and Import Bank (NEXIM) on Tuesday disclosed that the N25 billion accrued from import levy was not misappropriated.

Chinedu Moghalu, Corporate Affairs for NEMIX stated this while reacting to the media report in Abuja, explained that the fund was already domiciled in the Treasury Single Account (TSA).

He explained that the Bank has responded to all the inquiries of the Adhoc committee.

According to him, the Bank has impacted positively on the growth of Nigerian businesses involved in export and import of goods into the country.

Speaker Yakubu Dogara had during the flag-off of the investigative hearing, reiterated the House resolve to reposition the DFIs for effective productivity.

He said this became imperative because the DFIs, which are in vantage position to stimulate the economy and trigger wealth creation at this time that Nigeria is dealing with a recession.

He noted that “Development Finance Institutions are established to serve as catalyst for development of Micro, Small and Medium Enterprises (MSME) and Agro based businesses. In most developing countries, the Development Finance Institutions have been the spring-board on which such countries became economy giants.”

He also stressed the need for the Micro, Small and Medium Enterprises (MSMEs) to access cheaper and long term funds which hitherto could not be accessed through Commercial banks.