Highlight

Reps give Minister, AGF 60-day ultimatum to automate foreign currency collection at foreign missions

378

The Public Accounts Committee of the House of Representatives has directed the Ministry of Finance and the Accountant-General of the Federation to implement automated foreign currency collection in Nigerian foreign missions within 60 days.

At its July 30 hearing on the automation of foreign currency collection, the Committee, chaired by Rep. Bamidele Salam, issued the directive to implement the system in Nigerian foreign missions.

The Automation of Foreign Currency Collection portal is to enable 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 Committee voiced strong disapproval over the Ministry of Finance, Accountant General, and other stakeholders’ lack of attention to the technology that would enhance the country’s revenue.

Consequently, the Committee unanimously directed the immediate commencement of automating foreign currency collection and revenue from Nigerian foreign missions within a non-extendable 60-day deadline.

The Accountant General of the Federation, Mrs. Oluwatoyin Sakirat, stated that Files Solutions Limited had been contracted to implement automation of foreign currency collection at Nigerian foreign missions globally, with a contract sum of N83.6 million, a five-year duration, and a commission of 1-5% on collected amounts, effective April 28, 2021.

Sakirat said 90 percent, which totaled N75.2 million of the payment has been paid to the contractor.

She said that the terms of the contract with the contractor are to ensure that the collection of revenue from all Nigerian foreign missions is online in real-time, as well as a multi-currency conversion web portal and multi-language web portal.

Sakirat said: “The Automation of Foreign Currency Collection portal was launched on May 25th, 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.”

Prince Nekan Olateru, Managing Director of File Solutions Limited, said that his company had completed all necessary processes for the technology over the past three years.

Meanwhile, a Committee member, Rep. Timehin Adelegbe, said the automation of foreign currency collection will address the existing lack of transparency in foreign revenue collection.

Rep. Sunday Umeha proposed a motion urging the Ministry of Finance, Ministry of Foreign Affairs, Accountant General, and other stakeholders involved in the contract for automating foreign currency collection at Nigerian foreign missions to immediately commence revenue collection using the automated platform within a 60-day deadline.

The Committee instructed the Accountant General to provide detailed records of the gross revenue collected by all foreign missions over the past five years.

Leave a comment

Related Articles

NNPC Ltd. hosts NSC boss, pledges support for revitalization of Nigerian football

In a significant move to boost Nigerian football, the Nigerian National Petroleum...

Nigerian youths essential to repositioning Africa, says VP Shettima

Vice President Kashim Shettima has reaffirmed the federal government’s commitment to youth...

Just in: Simon Ekpa ‘ll be extradited to Nigeria to face charges – Defence Headquarters

The Nigerian Defence Headquarters, Abuja, has announced plans to extradite Simon Ekpa,...

NPA’s CEO Dantsoho Makes History as First Nigerian Chairman of PMAWCA

In a groundbreaking achievement, Dr. Abubakar Dantsoho, Managing Director of the Nigerian...

Save for rainy day, Federal Accountant General urges state govts, emphasizes transparency, accountability

In a bid to ensure financial stability during adverse situations and economic...

Sacked UNIZIK VC Odoh to Tinubu: You can’t fire me through press release

Sacked Vice-Chancellor of Nnamdi Azikiwe University (UNIZIK), in Awka, Anambra State, Prof....

UBA to empower MSME’s with wealth management strategies at its ‘Built to Last’ series

As part of its commitment to deepen the growth and sustainability of...

Olopade assumes office as NSC DG, promises new lease of life for Nigerian sports

Bukola Olopade had assumed office as the Director General of the resuscitated...

Amid High Inflation Rate, IMF Pledges Support for Nigeria’s Economic Reforms

International Monetary Fund (IMF) President Kristalina Georgieva and her team met with...

Nigeria’s Super Falcons Ajibade, Nnadozie, Nominated for 2024 CAF Women’s Player of the Year

The Confederation of African Football (CAF) has announced the nominees for the...

Just in: FG announces reshuffle of governing councils at FUOYE, Kogi varsity

The Federal Government has made changes to the governing councils of Federal...

Exclusive: Eguavoen Opens Up on Declining NFF Contract Extension, Reveals Reasons

Super Eagles Coach, Austin Eguavoen, has revealed why he declined the Nigeria...

Boost for Nigeria’s Oil Production As NNPC’s Utapate Crude Grade Hits Global Oil Market

In a major boost for Nigeria’s crude oil production, revenue generation, and...

Just in: FG sacks varsity Pro-Chancellor for misconduct

The Minister of Education, Dr. Tunji Alausa, has announced the removal of...

Just in: INEC presents Certificates of Return to Ondo Gov. Aiyedatiwa, deputy

The Independent National Electoral Commission (INEC) has presented Certificates of Return to...

Breaking: Senate sacks Danladi Umar, Code of Conduct Tribunal chairman  

Following proven allegations of gross misconduct and unacceptable behaviour, the Senate on...

Just in: South Africa takes over G20 Presidency from Brazil, first African nation to lead the bloc

South Africa has taken over the presidency of the G20 from Brazil,...

Tinubu submits 3 INEC REC, federal commissioner-nominees for Senate’s approval

President Bola Tinubu has sent the name of Ondo Resident Electoral Commissioner,...

Just in: After a night in custody, DSS in Ogun releases Ladi Adebutu

Mr. Ladi Adebutu, the 2023 People’s Democratic Party (PDP) governorship candidate in...