The Public Accounts Committee of the House of Representatives has issued a 60-day ultimatum to the Ministry of Finance and the Accountant General of the Federation to automate the collection of foreign currency at Nigeria’s foreign missions.
Chairman of the Committee, Hon. Bamidele Salam, delivered this ruling during a hearing on the "Automation of Foreign Currency Collection in Nigeria’s Foreign Missions" on Tuesday.
The automation portal aims to give the federal government control over revenue generated in foreign currencies and ensure transparency and accountability in inflows from foreign missions.
Mrs. Oluwatoyin Sakirat, the Accountant General of the Federation, stated that Files Solutions Limited was awarded a contract worth N83.6 million on April 28th, 2021, to automate foreign currency collection over five years.
The company receives a commission of one to five percent based on the amount collected. Sakirat noted that 90 percent of the payment, totaling N75.2 million, has been made. The contract requires the implementation of an online, real-time collection system, a multi-currency conversion web portal, and a multi-language web portal.
Sakirat explained, “The Automation of Foreign Currency Collection portal was launched on May 25th, 2023, by the immediate past Minister of Finance but has not been used as of June 5th, 2024. We are currently seeking approval from the Ministry of Finance to deploy the tested software and discussing with the Ministry of Foreign Affairs to provide a list of foreign missions for pilot purposes.”
Prince Nekan Olateru, Managing Director of Files Solutions Limited, mentioned that the company has completed all necessary technological processes over the last three years.
Committee member Hon. Timehin Adelegbe emphasized that the automation would address the lack of transparency in foreign revenue collection.
Hon. Sunday Umeha moved a motion urging the Ministry of Finance, Ministry of Foreign Affairs, and the Accountant General to begin using the automated platform within 60 days.
Expressing displeasure over the delay, the Committee unanimously ordered the immediate commencement of the automation process within 60 days, with no extensions.
Additionally, the Accountant General was instructed to submit records of gross revenue generated by all foreign missions over the last five years.
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