The House of Representatives has instructed Remita,
the payment processing platform for the Treasury Single Account (TSA), to
return a total of N182.77 billion to the Federal Government. This
directive follows revelations from a forensic audit that uncovered significant
transaction discrepancies dating back to 2015.
The investigation, led by the Public Accounts
Committee (PAC), was initiated after concerns over missing revenues and
unremitted funds processed via Remita by various ministries, departments, and
agencies (MDAs). The audit, conducted by the firm Seyi Katola & Co
(Chartered Accountants), revealed massive leakages and under-refunds.
According to a statement from PAC’s media unit, the
panel recommended that SystemSpecs Ltd, the company behind Remita,
transfer the total amount to the Federal Government Asset Recovery Account
at the Central Bank of Nigeria (CBN), account number: 0020054161191.
Remita has served as the main gateway for
government-related transactions since 2012, handling payments from individuals
and institutions into government coffers.
Speaking at a recent session, PAC Chairman Bamidele
Salam confirmed that the decision was based on documentation submitted by
Remita and other relevant stakeholders. He commended the auditors for their
detailed work, describing it as a patriotic move that strengthens Nigeria’s
transparency and fiscal discipline.
Audit Details and Financial Breakdown
Dr. Adewale Oyebamiji, Managing Partner of the
audit firm, presented a breakdown of Remita’s liabilities. He noted the
following:
The report added that interest calculations were based
on the CBN’s Monetary Policy Rate of 27.25%.
PAC also acknowledged that some commercial banks
previously instructed to refund similar amounts have complied and encouraged
other service providers within the TSA framework to do the same.
TMRAS Integration and the Future of
Payment Systems
While Remita continues to play a central role in
federal payment systems, the government has recently launched the Treasury
Management and Revenue Assurance System (TMRAS) to bolster financial
transparency and operational efficiency.
Effective since March 4, TMRAS is designed to
streamline payment and revenue tracking across MDAs, including agencies
receiving donor or special funds. The system enables the Office of the
Accountant General of the Federation (OAGF) to monitor account balances,
automate tax deductions (VAT, Withholding Tax, Stamp Duty), and generate bank
statements seamlessly.
Despite the rollout of TMRAS, the government clarified
that Remita remains part of the approved CBN-backed payment ecosystem. The OAGF
emphasized that Remita is being integrated with TMRAS, not replaced, and will
function alongside other licensed Payment Solution Service Providers.
This integration is aimed at liberalizing the revenue
collection process and enhancing accountability in the management of public
funds.
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