Mr. Aderemi Atanda, Managing Director and Chief Executive Officer of the payment solution platform REMITA, revealed that between 2015 and 2022, the platform remitted about N34.31 trillion to the Federal Government. Atanda disclosed this information during an investigative hearing on “Alleged revenue leakages through REMITA platform and non-compliance substantively with standard operating procedure and other allied service agreement,” conducted by the Public Accounts Committee in Abuja.
The committee, led by Bamidele Salam, sought to verify the workings of the bond signed between the Central Bank of Nigeria and Systemspec/REMITA on revenue collection. To delve deeper into the matter, the committee resolved to invite the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and CBN Governor, Yemi Cardoso.
According to documents submitted to the committee, instead of the N343.119 billion fee income due at the contracted rate of one percent flat, only N23.92 billion actual fee income was applied. The sharing formula for chargeable fees, according to a 2018 circular, revealed that stakeholders would share N150 per transaction, with REMITA and other stakeholders taking 43 percent.
Atanda clarified that REMITA did not impose additional fees apart from the approved N150 on revenue-generating Ministries, Departments, and Agencies. He emphasized that REMITA provides additional technology services to the federation free of charge.
The breakdown of remittances over the years was as follows: N1.5 trillion in 2015, N2.8 trillion in 2016, N3.7 trillion in 2017, N4.6 trillion in 2018, N4.6 trillion in 2019, N4.2 trillion in 2020 (COVID year), N6 trillion in 2021, and N6.8 trillion in the 2022 fiscal year.
Regarding the contract signed with REMITA, the Accountant General of the Federation, represented by Director, Single Treasury, Mr. Mohammed Bello, disclosed that the 2.5 percent fee accrued to OAGF goes directly into the Federal Government’s account.
In the ruling, PAC Chairman Bamidele Salam emphasized the need for the physical appearance of the Minister of Finance, the Coordinating Minister of the Economy, CBN Governor, and Accountant General of the Federation before the Committee on Tuesday, February 20, 2024.
