The House of Representatives Committee on Public Accounts on Tuesday, July 30 asked the Federal Ministry of Finance and the Office of the Accountant General of the Federation to immediately commence Automation of Foreign Currency Collection in all the country’s foreign missions.
The Committee gave the directive at an investigative hearing on the status of the Automation of Foreign Currency Collection in Nigeria’s foreign missions whose contract was awarded in 2021.
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.
Addressing the Committee, Accountant General of the Federation, Mrs. Oluwatoyin Sakirat Madein said the contract for the automation of foreign currency collection at Nigeria’s foreign missions worldwide was awarded at the contract sum of N83.6m on April 28th, 2021 for 5 years to Files Solutions Limited in addition to the commission of 1%-5% depending on the amount the company can collect.
According to her, 90 per cent of the contract sum amounting to N75.2m has been paid to the contractor.
According to her, the terms of the contract with the contractor is to ensure that the collection of revenue from all Nigerian foreign missions is done online in real-time, as well as a multi-currency conversion web portal and multi-language web portal.
She 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 5th June, 2024.
Managing Director of File Solutions Limited, Prince Nekan Olateru said the company concluded all the processes on the technology in the last three years
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