The Public Accounts Committee of the House of Representatives has directed the Ministry of Finance and the Accountant-General of the Federation to implement automated foreign currency collection in Nigerian foreign missions within 60 days......Read The Full Article>>.....Read The Full Article>>
At its July 30 hearing on the automation of foreign currency collection, the Committee, chaired by Rep. Bamidele Salam, issued the directive to implement the system in Nigerian foreign missions.
The Automation of Foreign Currency Collection portal is to enable the Federal Government of Nigeria to have adequate and total control over the revenue generated in foreign currency and ascertain inflow from foreign missions to enthrone accountability and transparency.
The Committee voiced strong disapproval over the Ministry of Finance, Accountant General, and other stakeholders’ lack of attention to the technology that would enhance the country’s revenue.
Consequently, the Committee unanimously directed the immediate commencement of automating foreign currency collection and revenue from Nigerian foreign missions within a non-extendable 60-day deadline.
The Accountant General of the Federation, Mrs. Oluwatoyin Sakirat, stated that Files Solutions Limited had been contracted to implement automation of foreign currency collection at Nigerian foreign missions globally, with a contract sum of N83.6 million, a five-year duration, and a commission of 1-5% on collected amounts, effective April 28, 2021.
Sakirat said 90 percent, which totaled N75.2 million of the payment has been paid to the contractor.
She said that the terms of the contract with the contractor are to ensure that the collection of revenue from all Nigerian foreign missions is online in real-time, as well as a multi-currency conversion web portal and multi-language web portal.
Sakirat said: “The Automation of Foreign Currency Collection portal was launched on May 25th, 2023, by the immediate past Minister of Finance but was never put into use as of June 5, 2024.
“Our office is in the process of obtaining approval from the Ministry of Finance to deploy the software which has been tested.
“Discussion is ongoing with the Ministry of Foreign Affairs to provide a list of foreign missions for pilot purposes.”
Prince Nekan Olateru, Managing Director of File Solutions Limited, said that his company had completed all necessary processes for the technology over the past three years.
Meanwhile, a Committee member, Rep. Timehin Adelegbe, said the automation of foreign currency collection will address the existing lack of transparency in foreign revenue collection.
Rep. Sunday Umeha proposed a motion urging the Ministry of Finance, Ministry of Foreign Affairs, Accountant General, and other stakeholders involved in the contract for automating foreign currency collection at Nigerian foreign missions to immediately commence revenue collection using the automated platform within a 60-day deadline.
The Committee instructed the Accountant General to provide detailed records of the gross revenue collected by all foreign missions over the past five years.
