The House of Representatives Committee on Public Accounts on Tuesday, July 30 asked the Federal Ministry of Finance and the Office of the Accountant General of the Federation to immediately commence Automation of Foreign Currency Collection in all the country’s foreign missions.

The Committee gave the directive at an investigative hearing on the status of the Automation of Foreign Currency Collection in Nigeria’s foreign missions whose contract was awarded in 2021.

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.

Addressing the Committee, Accountant General of the Federation, Mrs. Oluwatoyin Sakirat Madein said the contract for the automation of foreign currency collection at Nigeria’s foreign missions worldwide was awarded at the contract sum of N83.6m on April 28th, 2021 for 5 years to Files Solutions Limited in addition to the commission of 1%-5% depending on the amount the company can collect.

According to her, 90 per cent of the contract sum amounting to N75.2m has been paid to the contractor.

According to her, the terms of the contract with the contractor is to ensure that the collection of revenue from all Nigerian foreign missions is done online in real-time, as well as a multi-currency conversion web portal and multi-language web portal.

She 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 5th June, 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 Mission for pilot purposes” she explained”.

Managing Director of File Solutions Limited, Prince Nekan Olateru said the company concluded all the processes on the technology in the last three years.

However, a member of the Committee, Hon. Timehin Adelegbe, alleged lack of transparency in foreign revenue collection, which the automation of foreign currency collection will correct.

The Committee headed by Hon. Bamidele Salam expressed displeasure over the Ministry of Finance, Accountant General, and other actors’ negligence towards the technology that will improve the Country’s Revenue.

The Committee unanimously ordered the commencement of Automation of Foreign Currency Collection and Nigeria’s foreign missions revenue using the automated platform within 60 days without an option of extension.

The Public Accounts Committee also ordered the Accountant General to submit records of the gross revenue generated for all foreign missions in the last 5 years. (The Nation)

Update news