The House of Representatives has tasked the Committee on Public Accounts with investigating revenue leakages facilitated by the Remita platform. The probe will focus on non-compliance by revenue-generating government agencies regarding standard operating procedures and related service level agreements with deposit money banks, the Office of the Accountant General of the Federation (AGF), SystemSpec, Nigeria Interbank Settlement System (NIBSS), and the Central Bank of Nigeria (CBN).
The resolution emerged from the adoption of a motion titled “Call to Investigate Revenue Leakages and Non-remittance of Revenues Generated through the Remita Platform,” sponsored by Rep. Jeremiah Umaru (APC, Nassarawa) and Rep. Jafaru Gambo (APC, Bauchi).
Rep. Umaru, leading the debate, emphasized that Nigeria is grappling not with an expenditure issue but a revenue challenge. Remita, a software and financial service platform owned by System-Specs, has managed government revenues, serving as a gateway for the Treasury Single Account (TSA) since 2012, fully adopted in 2015.
Before the deployment of the software, over N8.7 trillion had been processed through the platform. The proliferation of bank accounts operated by Ministries, Departments, and Agencies (MDAs) with the migration from deposit money banks to the Central Bank of Nigeria has allowed MDAs to create multiple sub-accounts, contradicting the TSA Policy of the Federal Government.
Rep. Umaru highlighted the positive impact of the TSA system in creating a cashless economy, ensuring transparency, effective tracking of cash assets, and fostering accountability. However, he acknowledged that it has not completely eliminated leakages and abuses due to the proliferation of CBN sub-accounts.
Expressing concern over the 1% commission charged on funds collected through the platform, shared among SystemSpecs (owner), deposit money banks (processor), and the Central Bank of Nigeria (license issuer) in the ratio of 50:40:10, Rep. Umaru deemed it alarming and unacceptable.
He emphasized worries about ongoing revenue leakages, non-compliance with standard operating procedures, and related service level agreements. The lawmaker cautioned that if the situation persists, the government will face a revenue shortfall, hindering its ability to meet citizens’ demands for good governance and infrastructural development. Additionally, he expressed concern about the delay in remitting or sweeping revenues collected to the Central Bank of Nigeria by a significant percentage of deposit money banks.