Remita in trouble as House of Reps order refund of N182 billion to FG

• The House of Representatives wants a fashionable fintech that utilized to grip the government's gross postulation to refund N182 billion
• The lawmakers uncover that an audit showed unremitted sums dating each the mode backmost to 2015
• The House of Representatives besides calculated interests connected the unremitted sum, and wants the institution to wage it arsenic well

In 2024, the House of Representatives instructed the Public Accounts Committee to analyse gross leakages and funds that were not remitted by Ministries, Departments, and Agencies.

Following the results of that forensic audit, lawmakers person instructed the fiscal exertion company, Remita, to refund N182.77 cardinal to the federal government.

This sum was identified successful the audit arsenic the full magnitude withheld by Remita from the Treasury Single Account (TSA) since 2015.

The audit discovered immoderate unremitted funds, and the committee has included interests based connected the existent involvement complaint of 27.5%. Photo credit: James Faleke (facebook)/Hirun (gettyimages)
Source: UGC

The audit that uncovered the discrepancy was said to person been done by a firm, Seyi Katola & Company (Chartered Accountants), and submitted to the lawmakers.

Speaking connected the issues, president of the Public Accounts Committee, Bamidele Salam explained that the advisor did the audit connected documents provided by the Remita, besides known arsenic SystemSpecs, and different cardinal players wrong the TSA system.

Breakdown of what Remita is to refund to FG

Dr Adewale Oyebamiji, the Managing Partner of the consulting firm, Seyi Katola & Company, gave a breakdown of the N182 cardinal to beryllium refunded based connected the audit.

The committee’s study connected the full magnitude Remita owes for the archetypal regime, calculated astatine the Central Bank of Nigeria’s Monetary Policy Rate of 27.25%, includes the following.

• Under-refunding of transaction processing fees: The refundable magnitude is N993 million, with involvement charges of N2.42 billion, bringing the full to N3.42 billion.
• Unpaid acquirer fees: The refundable magnitude is N29.60 million, with involvement charges of N72.25 million, totaling N101.85 million.
• Unremitted collections: Remita is required to refund N54.24 billion, with involvement charges of N125 billion, making the full refund N179.25 billion.

House of Reps request a refund

The Public Accounts Committee (PAC) issued a connection connected Wednesday recommending that the fintech beryllium made to refund the full sum to the Federal Government Asset Recovery Account domiciled astatine the Central Bank of Nigeria, with relationship number: 0020054161191.

The committee besides urged different TSA worth concatenation work providers to adhere to issued outgo orders, noting that immoderate banks person already complied, according to reports by the PUNCH.

FG terminates concern with Remita

Recall that the national authorities precocious terminated its gross postulation partnership with Remita in March 2025.

Remita has been the government's gross postulation strategy until past period erstwhile it was phased out. Photo credit: Juststock/Remita
Source: UGC

The authorities is present going with a caller gross postulation system, which volition beryllium implemented successful phases.

The archetypal signifier started successful March, portion the 2nd signifier of implementation is acceptable to instrumentality disconnected successful the 2nd fractional of 2025.

NDIC ignores Remita, uses NIBSS

In related quality by Legit.ng, the Nigeria Deposit Insurance Corporation (NDIC) had adopted the Nigeria Inter-Bank Settlement System (NIBBS) level to wage depositors of the failed Heritage Bank.

NDIC noted that its attempts to usage Remita were met with galore hitches and limitations successful the systems, hence the power to facilitate casual payment.

NDIC’s lawman director, Pamela Roberts, noted that adjacent though they had utilized Remita for decades, it was incapable to grip the ample payments they needed to marque astatine the time.

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Source: Legit.ng