Reps probe CBN, others over revenue leakages, non-remittance to federation account

…says rate of revenue leakages worrisome

By Christiana Ekpa

The House of Representatives on Wednesday mandated the Committee on Public Accounts to investigate revenue leakages through the remote platform, non-compliance by revenue-generating agencies of government on standard operating procedures and other allied service level agreements signed among deposit money banks, office of the AGF, Systemspec, Nigeria Interbank Settlement System (NIBSS) and the Central Bank of Nigeria (CBN).
The House resolution followed the adoption of a motion titled “Call to Investigate Revenue Leakages and Non–remittance of Revenues Generated through the Remita Platform”, sponsored by Rep Jeremiah Umaru (APC, Nassarawa) and Rep. Jafaru Gambo (APC, Bauchi).
Leading the debate on the motion, Rep. Umaru noted that Nigeria is not experiencing an expenditure issue but rather a revenue issue.
He also noted that, “Remita is a software cum financial service platform owned by System-Specs which is a Private Company in charge of managing Government Revenues, it has served as a gateway for the Treasury Single Account (TSA) of the Federal government since 2012 though fully adopted in 2015 and used in the collection of Government Revenues over the years.
He also said that, “Over N8.7 trillion had been processed through the platform before the deployment of the software, the Nigerian government had over 15,000 Bank Accounts operated by Ministries, Departments and agencies (MDAs), the proliferation of accounts has moved from deposit money banks to Central Bank of Nigeria allowing MDAs to create multiple sub-accounts thereby negating the TSA Policy of the Federal Government.

He further explained, “The TSA system has created a cashless economy, transparency and effective tracking of cash assets with attendant accountability. It has not indeed fully blocked leakages and abuses by the proliferation of CBN Sub-Accounts.”