The House of Representatives Public Accounts Committee has issued a 60-day ultimatum to the Minister of Finance, Wale Edun, and the Accountant General of the Federation, Oluwatoyin Madein, to implement the automation of foreign currency collection in Nigeria’s foreign missions.
This directive was announced by Committee Chairman Bamidele Salam during a public hearing in Abuja on Tuesday, focusing on the current status of this automation initiative.
During the hearing, Accountant General Madein revealed that File Solutions Limited was awarded a contract for this automation on April 28, 2021, valued at N83.6 million, with an additional commission of 1-5% based on the amount collected. To date, 90% of the contract sum, amounting to N75.2 million, has been paid to the contractor.
The automation project aims to streamline and control the foreign currency generated by Nigerian embassies for the Federal Government.
Mrs. Madein highlighted that the contract mandates the online, real-time collection of revenue from all Nigerian foreign missions, featuring multi-currency conversion and a multi-language web portal.
Although the portal was launched on May 25, 2023, by the former Minister of Finance, it had not been put into use by June 5, 2024.
Madein noted that her office is currently seeking approval from the Ministry of Finance to deploy the tested software and is in discussions with the Ministry of Foreign Affairs to identify foreign missions for pilot implementation.
File Solutions Limited’s Managing Director, Nekan Olateru, stated that the company has completed all technological processes over the past three years.
Committee member Timehin Adelegbe expressed concerns about the lack of transparency in foreign revenue collection and emphasized that automation would address these issues.
In a strong move to ensure compliance, committee member Sunday Umeha proposed a motion for the automation to be completed within 60 days, which was subsequently adopted by the panel.
The committee has ordered the immediate commencement of the automation process without any option for extension.
Additionally, the committee mandated the Accountant General to submit records of the gross revenue generated by all foreign missions over the past five years.
This initiative aims to enhance transparency and efficiency in the management of Nigeria’s foreign currency revenues, contributing to better fiscal control and accountability.
