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The House of Representatives Public Accounts Committee has given the Federation’s Ministry of Finance and Accountant General a 60-day Ultimatum to ensure automation of foreign revenue collection from Nigeria’s foreign missions. ...READ THE FULL STORY FROM SOURCE ↔️
The Hon. Bamidele Salam-led panel gave the ultimatum on Tuesday at its hearing on the status of automating foreign currency collection in Nigeria’s foreign missions.
The Automation of Foreign Currency Collection portal enables 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 Accountant General of the Federation, Mrs Oluwatoyin Sakirat, said Files Solutions Limited was awarded a five-year contract worth N83.6 million in 2021 to automate foreign currency collection at Nigeria’s foreign missions worldwide. The commission will be 1%—5%, depending on the amount the company can collect.
The Accountant General said 90 percent, or N75.2m, of the payment had been paid to the contractor.
She said the terms of the contract with the contractor were to ensure that revenue collection 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 used as of June 5th, 2024.
“Our office is obtaining approval from the Ministry of Finance to deploy the tested software.
She explained, “A Discussion is ongoing with the Ministry of Foreign Affairs to provide a list of foreign missions for pilot purposes.”
On his part, the managing director of File Solutions Limited, Nekan Olateru, said the company had completed all the technology processes in the last three years.
A member of the Committee, Hon. Timehin Adelegbe, noted that foreign revenue collection needed more transparency, 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 General, and other actors in the contract award for Automation of Foreign Currency Collection and Nigeria foreign missions should urgently commence 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 the Automation of foreign currency collection and Nigeria’s foreign missions revenue using the automated platform within 60 days without an extension option.
The Public Accounts Committee also ordered the Accountant General to submit gross revenue records for all foreign missions in the last five years…..For More READ THE FULL STORY▶▶
