…Over N8.7 trillion has been processed through the Remita platform before the deployment of the software
…Nigerian Government had over 15,000 bank accounts operated by Ministries, Departments and Agencies (MDAs).
WED, NOV 22 2023-theGBJournal| The Federal House of Representatives has moved to investigate revenue leakages through the Remita platform and non-compliance substantively with Standard Operating Procedures and all other allied service level agreement signed among deposit money banks (DMBs), office of the Accountant General, SystemSpecs, Nigeria Interbank Settlement System (NIBSS) and the Central Bank of Nigeria.
Remita is a software cum financial services company owned by SystemSpecs, a private company in charge of managing government revenues. It has served as a gateway for the Treasury Single Account (TSA) of the Federal Government since 2012, fully adopted in 2015 and used in the collection of government revenues over the years.
The call to investigate Remita was moved today on the floor of the House of Representatives by Jafaru Gambo, a lawmaker representing Bogoro, Dass, Tafawa Balewa Federal Constituency of Bauchi State.
Gambo, in making his case, noted that over N8.7 trillion has been processed through the Remita platform before the deployment of the software, and the Nigerian Government had over 15,000 bank accounts operated by Ministries, Departments and Agencies (MDAs).
He also noted that the proliferation of accounts has moved from deposit money banks to Central Bank of Nigeria (CBN) allowing MDAs to create multiple sub-accounts thereby negating the TSA Policy of the Federal Government.
He said cognizant that the TSA system has created a cashless economy, transparency and effective tracking of cash assets with attendant accountability, it has not indeed fully blocked leakages and abuses by the proliferation of CBN Sub-Accounts.
He said also, that he is aware that 1% of the funds collected is charged as commission for making use of the platform and shared among SystemSpecs, DMBs (processor) and Central Bank of Nigeria, the License issuer, in the ratio of 50:40:10 respectively.
”This is alarming and unacceptable,” he said.
Gambo is worried that despite the benefits and reasons for on-boarding the Remita Platform, the rate of revenue leakages is worrisome apart from non-compliance substantively with Standard Operating Procedures and other allied service level agreements signed by parties.
He is equally disturbed that if this scenario continues unabated, the federal government will continue to experience a revenue shortfall and ”this will prevent the government from meeting the rising demand for good governance and infrastructural development from citizens.”
The House of Reps member shared his concern about the larger percentage of deposit money banks that has formed the habit of delay in on-ward remittance or ”sweeping of revenues collected to Central Bank of Nigeria.”
The House Committee on Public Accounts has been mandated to investigate the issue and report back within six weeks for further legislative action.
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