The House of Representatives Public Accounts Committee has given a 60-day ultimatum to the Ministry of Finance and Accountants General of the Federation to deploy Automation of Foreign Currency Collection in Nigeria’s foreign missions.
The Committee Chaired by Hon. Bamidele Salam, gave the directive on during its hearing on the status of Automation of Foreign Currency Collection in Nigeria’s 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.
According to the Accountant General of the Federation, Oluwatoyin Sakirat said that Files Solutions Limited was awarded a contract for the automation of foreign currency collection at Nigeria’s foreign missions worldwide at the contract sum of N83.6m on April 28th, 2021 for 5 years in addition to the commission of 1%-5% depending on the amount the company can collect.
She said 90 per cent which totalled N75.2m of the payment has been paid to the contractor. The Accountant General 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.
“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. Also speaking, the Managing Director of File Solutions Limited, Prince Nekan Olateru said that the company concluded all the processes on the technology in the last three years.
A member of the Committee, Hon. Timehin Adelegbe, asserted that there is a lack of transparency in foreign revenue collection, which the automation of foreign currency collection will correct.
Also speaking, Hon. Sunday Umeha moved a motion that the Ministry of Finance, Ministry of Foreign Affairs, Accountant Gener, al and other actors in the contract award for Automation of Foreign Currency Collection and Nigeria foreign missions should as a matter of urgency commenced the immediate collection of revenue, using the automated platform within 60 days.
The Committee 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.
