The Public Accounts Committee of the House of Representatives has issued a 60-day deadline to the Minister of Finance, Wale Edun, and the Accountant General of the Federation, Oluwatoyin Madein, to implement an automated system for collecting foreign currency at Nigeria’s foreign missions.
During a public hearing in Abuja on Tuesday, Committee Chairman Bamidele Salam directed the Minister of Finance and the Accountant General to automate foreign currency collection at Nigeria’s foreign missions, emphasizing the need for prompt action.
At the hearing, the Accountant General informed the committee that Files Solutions Limited had been contracted to implement the automation of foreign currency collection at Nigeria’s foreign missions worldwide.
She added that the contract awarded on April 28, 2021, was worth a total sum of N83.6m, apart from a commission of one to five per cent, depending on the amount the company can collect.
She added that 90 per cent of the contract sum, amounting to N75.2m, had been paid to the contractor.
Madein noted that the terms of the contract were to ensure that the collection of revenue from all Nigerian foreign missions was online in real time.
She said, “The automation of the foreign currency collection portal was launched on May 25, 2023, by the immediate past Minister of Finance but was never put into use as of June 5, 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 missions for pilot purposes.”
On his part, the Managing Director of File Solutions Limited, Nekan Olateru, said the company concluded all the processes on the technology in the last three years
In his contribution, a member of the committee, Timehin Adelegbe, lamented what he called the lack of transparency in foreign revenue collection, stating that automation would address the challenge.
“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 missions for pilot purposes.”
Nekan Olateru, the Managing Director of Files Solutions Limited, testified that his company had completed all necessary technological processes for the automation project over the past three years.
Committee member Timehin Adelegbe expressed concern over the opacity in foreign revenue collection, highlighting the need for greater transparency. He emphasized that automating the process would help resolve this issue and ensure more accountability in the system.
