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 deploy the automation of foreign currency collection in Nigeria’s foreign missions.
Gatekeepers News reports that at a public hearing on Tuesday in Abuja, Committee Chairman Bamidele Salam directed the duo to take immediate action, stating that the automation exercise would facilitate the control of foreign currency generated by embassies.
Madein explained that Files Solutions Limited was awarded a contract for the automation project in April 2021, worth N83.6 million, with a 1-5% commission on collected amounts. She noted that 90% of the contract sum (N75.2 million) has been paid to the contractor.
“The automation of the foreign currency collection portal was launched on May 25, 2023, but was never put into use as of June 5, 2024,” Madein said.
“Our office is in the process of obtaining approval from the Ministry of Finance to deploy the software, which has been tested.”
Nekan Olateru, Managing Director of File Solutions Limited, confirmed that the company completed all technological processes three years ago.
Committee member Timehin Adelegbe lamented the lack of transparency in foreign revenue collection, emphasizing that automation would address this challenge.
Sunday Umeha moved a motion for compliance with automation within 60 days, which was adopted by the panel.
The committee ordered the commencement of automation within 60 days, without an option for extension, and mandated the Accountant General to submit records of gross revenue generated for all foreign missions in the past five years.
