N34 trillion generated into FG’s account – REMITA

The Managing Director/CEO of REMITA, Deremi Atanda, revealed that a staggering sum of N34.311 trillion in revenue was channeled through the REMITA platform into the federation account between 2015 and 2022. This disclosure came during an investigative hearing on alleged revenue leakages through the REMITA platform and non-compliance with standard operating procedures, organized by the House Committee on Public Accounts, chaired by Hon. Bamidele Salam. The revelation prompted the committee to summon the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and CBN Governor, Yemi Cardoso, to explain their roles in the contract agreement with REMITA.

Documents presented to the Committee highlighted discrepancies in fee income, with only N23.922 billion realized against the expected N343.109 billion, based on a contracted rate of one percent flat. The sharing formula, as per the 2018 circular on chargeable fees guidelines on e-collection, allocated N150 per transaction, with stakeholders such as banks, CBN, NIBBS, and the Office of the Accountant General of the Federation (oAGF) receiving a portion. Atanda refuted claims of additional fees imposed by REMITA and emphasized the platform’s provision of technology services to the Federation at no extra cost.

Atanda further detailed the revenue remitted through the platform annually, with significant sums ranging from N1.5 trillion in 2015 to N6.8 trillion in 2022. He clarified that REMITA was engaged by the Central Bank of Nigeria to bolster revenue collection efforts, with all agreements and procedures duly followed. Access to the platform is granted to the CBN and the Office of the Accountant General of the Federation, ensuring immediate revenue disbursement to over 1,137 MDAs. In response to concerns about possible leakages, Atanda stressed the importance of capturing dollar-related revenue and highlighted the need for consistent participation of MDAs in the platform.

Addressing queries about the contract, the Accountant General of the Federation, represented by Director Single Treasury, Mr. Mohammed Bello, clarified that the 2.5% fee allocated to the oAGF goes directly into the Federal Government’s account. Efforts are underway to include revenue paid in foreign exchange into the payment platform, with a pilot scheme slated for implementation in collaboration with the Federal Ministry of Foreign Affairs. Hon. Bamidele Salam underscored the importance of the Minister of Finance, CBN Governor, and Accountant General of the Federation’s physical appearance before the Committee, scheduled for Tuesday, February 20, 2024.