Systemspecs urges FG to optimise data mining, automate Foreign exchange payments

The formidable IT company, Systemspecs has urged Federal Government (FG) to automate Foreign exchange payments and to optimize data mining.

This charged was made by the chief Executive Officer, Systemspecs, Mr John Obaro at the First Accounting Technology Summit (ACCOUNTEKS) hosted by the Instituted of Chartered Accountants of Nigeria (ICAN) in Lagos.

According to him, technology has become a major enabler worldwide with businesses and nations are now leapfrogging and competing with the use of technology.

While presenting the paper titled “Technology-Enabled Transformation of the Public Sector”, Obaro stated that, there is urgent need to initiate Government-Private partnerships in technology to undertake significant national initiatives.

“Although there have been a number of initiatives to apply technology to the public sector transformation in Nigeria, government must be deliberate to build a digital society.

 Also, he noted that “the Public Sector is charged with the responsibility of formulating and executing government policies for the advancement of the country.

“Therefore, no nation can developed beyond the competencies of her Public sector”, he said.

Speaking on this, Obaro stated that it was commendable that Government now appreciates the need to harness indigenous solutions to solve national problems like leveraging Remita to drive the Treasury Single Account (TSA).

“Remita manages an interbank platform which rests on a Straight Through Processing (STP) integration with all banks and over 400 microfinance banks while merging over 17,000 MDA’s accounts.

He said that this allows a hitch-free collection of funds for all government parastatals into the Treasury Single Account at CBN

“TSA has most importantly empower FG to undertake efficient and effective planning, budget control and  cash management among many other”, he emphasized.

Furthermore, Obaro recommended that to deepen TSA, the Office of the Accountant General of the Federation (OAGF) and Central Bank of Nigeria must work more closely.