The House of Representatives has resolved to investigate the Central Bank of Nigeria (CBN), Accountant General of the Federation, Nigeria Interbank Settlement System (NIBSS) and Systemspec over through the Remita. Platform.
The investigation is to cover non-compliance with Standard Operating Procedures and other allied Service Level Agreements signed among deposit money banks and the concerned organisations. These resolutions followed the adoption of a motion moved by Hon. Jeremiah Umaru (APC, Nasarawa) and Hon. Jafaru Gambo (APC, Bauchi) at plenary yesterday.
Moving the motion, Umaru said Remita is a software cum financial service platform owned by System-Specs which is a Private Company in charge of managing Government Revenues. The lawmaker said it had served as a gateway for the Treasury Single Account of the federal government since 2012 though fully adopted in 2015 and used in the collection of government revenues over the years.
He said over N8.7 trillion had been processed through the platform before the deployment of the software, the Nigerian government had over 15,000 Bank Accounts operated by Ministries, Departments and agencies (MDAs) but they have moved from deposit money banks to CBN.
According to Umaru, 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 raised the alarm that 1% of the funds collected is charged as commission for making use of the platform and shared among SystemSpecs (owner), Deposit Money Banks(processor) and Central Bank of Nigeria (License issuer) in the ratio of 50:40:10 respectively.
Umaru expressed worry 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. Adopting the motion, the House mandated the Committee on Public Accounts to conduct the investigation and report back within six weeks for further legislative action