The House of Representatives Public Accounts Committee has given a 60-day ultimatum to Nigeria’s Minister of Finance, Wale Edun, and the Accountant General of the Federation, Oluwatoyin Madein, to complete the automation of foreign currency collection at Nigeria’s foreign missions.
Key Developments
– **Ultimatum**: Chairman of the Committee, Bamidele Salam, issued the 60-day deadline during a public hearing on the status of automation for foreign currency collection in Abuja.
– **Objective**: The automation aims to enhance control over revenue generated from Nigeria’s foreign embassies, streamlining the collection process for the Federal Government.
#### Current Status
– **Contract Details**: Accountant General Oluwatoyin Madein reported that Files Solutions Limited was awarded a contract on April 28, 2021, valued at N83.6 million, plus a commission of 1-5% based on the amount collected. Of the total contract sum, N75.2 million has been paid.
– **Implementation**: Madein noted that the automation portal was launched on May 25, 2023, but had not been operational as of June 5, 2024. The system, which includes real-time online collection, multi-currency conversion, and a multi-language web portal, is awaiting final approval and deployment.
– **Pending Steps**: Approval from the Ministry of Finance is needed to deploy the software, and discussions are ongoing with the Ministry of Foreign Affairs to finalize a list of foreign missions for initial testing.
#### Committee Actions
– **Transparency Concerns**: Committee member Timehin Adelegbe highlighted issues with transparency in foreign revenue collection, emphasizing that automation could address these problems.
– **Motion for Compliance**: Committee member Sunday Umeha moved a motion to enforce compliance with the automation deadline. The motion was adopted, and the committee has mandated that automation of foreign currency collection at Nigerian missions be completed within 60 days, with no extensions.
This move reflects a commitment to resolving the challenges in managing foreign revenue and ensuring effective and transparent financial processes for Nigeria’s overseas missions.
