House Committee Orders Remita to Refund N182.77 Billion in Withheld Funds
The Public Accounts Committee of the House of Representatives has ordered financial technology company Remita to refund a staggering N182.77 billion to the Federal Government. The funds, according to a forensic audit, have been withheld from the Treasury Single Account (TSA) since 2015.
The Federal Government has launched a new financial platform, the Treasury Management and Revenue Assurance System (TMRAS), officially replacing Remita for federal revenue collection and payments.
The move follows investigations into revenue leakages linked to Remita, the previous system powering the Treasury Single Account (TSA). TMRAS is designed to streamline transactions across all Ministries, Departments, and Agencies (MDAS), including those handling donor and special funds.
According to the Office of the Accountant General of the Federation (OAGF), TMRAS will automate tax deductions, enable real-time balance tracking, and enforce the automatic remittance of 50% of Internally Generated Revenue (IGR) from MDAS.
The rollout begins with naira transactions, while a second phase — starting June 1, 2025 — will include foreign exchange, ERP integration, and budget tracking for non-budgetary agencies.
The government says the system will enhance transparency, eliminate manual processes, and tighten control over public funds. Only CBN-licensed, OAGF-approved PSSPS will be permitted to collect federal revenue.
To ensure a smooth transition, Remita will run alongside TMRAS until May 4, after which all payments must go through the new system.
The directive was issued on Wednesday during a high-stakes session at the National Assembly in Abuja, following the submission of an audit report by Seyi Katola & Company (Chartered Accountants).
The audit, which was commissioned after the House resolved in November 2023 to investigate potential revenue leakages through the Remita platform, uncovered significant discrepancies in remittances.
Remita, an online payment platform owned by SystemSpecs, facilitates revenue collections for federal government agencies into the TSA. However, the audit revealed serious lapses in fund remittances, interest calculations, and processing fees.
Bamidele Salam, Chairman of the Public Accounts Committee, stated that the decision was based on concrete evidence provided by the forensic auditors, SystemSpecs/Remita, and other stakeholders within the TSA framework.
Principal: N54.24 billion, Interest: N125 billion, Total: N179.25 billion.Total: N3.42 billion,Principal: N993 million,Interest: N2.42 billion,Principal: N29.60 million.Interest: N72.25 million,Total: N101.85 million
The committee’s report, using the Central Bank of Nigeria’s (CBN) current Monetary Policy Rate (MPR) of 27.25%, concluded that SystemSpecs is liable to refund a grand total of N182,769,245,175.20. The funds are to be paid into the Federal Government Asset Recovery Account at the CBN (Account No: 0020054161191).
Salam noted that several deposit money banks have already complied with similar refund orders and urged other TSA service providers yet to fulfil their obligations to do so without delay.
He also praised the audit team for what he described as a “thorough and patriotic” effort in exposing the financial irregularities.
