Emmanuel OchayiThe House of Representatives has ordered investigation of revenue leakages through the Remita platform and non-compliance issues among government revenue-generating agencies.
This decision, triggered by concerns over financial discrepancies and procedural deviations, signifies a significant step towards ensuring transparency and bolstering the nation’s financial integrity.
Join our WhatsApp ChannelDuring the session on Wednesday, the Committee on Public Accounts was mandated to spearhead the investigation. The directive stemmed from a motion titled, “Call to Investigate Revenue Leakages and Non–remittance of Revenues Generated through the Remita Platform,” jointly presented by Rep. Jeremiah Umaru and Rep. Jafaru Gambo.
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Umaru highlighted that Nigeria’s fiscal challenge lies not in excessive expenditure but in revenue inadequacy. Speaking during the session, he remarked, “Remita, managed by SystemSpecs, has been pivotal in handling government revenues through the Treasury Single Account (TSA) since 2012, significantly improving transparency and accountability.”
The motion emphasized that over N8.7 trillion has coursed through the platform. However, concerns were raised about the proliferation of accounts, with government agencies creating multiple sub-accounts, circumventing the TSA policy.
Additionally, it was highlighted that a 1% commission charged on funds collected through Remita, allocated among SystemSpecs, deposit money banks, and the Central Bank of Nigeria, was deemed excessive and unacceptable.
Expressing deep concern over continued revenue leakage and non-compliance with established procedures, Umaru warned of dire consequences for the government’s ability to meet public demands for better governance and infrastructural development if left unaddressed.
The lawmaker emphasized, “Deposit money banks exhibit a tendency to delay remittance or sweeping of collected revenues to the Central Bank of Nigeria, raising serious concerns about financial propriety.”
The decision to probe these revenue irregularities underscores the House’s commitment to upholding financial accountability and transparency in Nigeria’s fiscal system.
The investigation’s findings and subsequent actions could reshape financial management practices, aiming to curb leakages and reinforce adherence to established protocols governing revenue collection and remittance.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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