Reps Demand Refund Of N182bn Unremitted TSA Funds From Remita
The House of Representatives has ordered revenue payment platform, Remita to refund N182. 77 billion to the Federal Government.
The sum was discovered to have been withheld from the Treasury Single Account (TSA) since 2015 by the financial technology firm, which operates under the trade name SystemSpecs Limited.
Remita, also known as SystemSpecs Ltd, to refund a total of N182.77bn withheld from Treasury Single Account since 2015 to the Federal Government following a forensic audit that uncovered the discrepancy.
The Public Accounts Committee (PAC) of the House of Representatives issued the marching orders on Wednesday.
The order followed the submission of an investigative report by a firm of chartered accountants and consulting firm, Seyi Katola and Company.
The House had, in 2024, mandated the PAC to investigate revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies (MDAs) through Remita.
The chairman of the Committee, Rep Bamidele Salam, said the resolution was based on findings by the firm.
According to him, documents provided by SystemSpecs/Remita and other stakeholders within the TSA ecosystem also revealed the discrepancy.
The managing partner of the firm of consultants, Dr. Adewale Oyebamiji, presented the breakdown of the liabilities.
Going by the report, SystemSpecs was responsible for N3.42 billion in under-refunded transaction processing fees, N101.85 million in unpaid acquirer fees, and N179.25 billion in unremitted collections.
The committee said Remita under refunded N993 million, with N2. 42 billion interests charges, totalling N3. 42 billion.
The calculations were based on Central Bank of Nigeria (CBN) Monetary Policy Rate of 27.25 per cent.
Non-payment of acquirer fee has a refundable amount of N29.60m, with interest charges of N72. 25bn totalling: N101.85m.
In non–remittance of collection, Remita is to refund N54,24bn with interest charges of N125bn totalling N179bn.
A statement issued by PAC on Wednesday read, “The committee recommends that SystemSpecs Ltd be compelled to refund the total sum of N182.77bn to the Federal Government Asset Recovery Account domiciled at the Central Bank of Nigeria (CBN), account number: 0020054161191.”
Additionally, the committee noted that some deposit money banks have already complied with similar repayment orders.
The PAC called on other TSA value chain service providers that are yet to comply to do so without delay.
PAC chairman Salam commended the forensic consultants for doing a thorough and patriotic job.
He emphasized that the effort supports transparency and strengthens Nigeria’s fiscal accountability framework.
Reps Demand Refund Of N182bn Unremitted TSA Funds From Remita is first published on The Whistler Newspaper
