Nigeria’s House of Representatives has directed SystemSpecs Ltd., the operator of the Remita payment platform, to refund ₦182.77 billion to the Federal Government. This directive follows a forensic audit revealing significant financial discrepancies in the management of the Treasury Single Account (TSA) since 2015.
The audit, conducted by consulting firm Seyi Katola & Company, uncovered that SystemSpecs Ltd. is responsible for ₦3.42 billion in under-refunded transaction processing fees, ₦101.85 million in unpaid acquirer fees, and ₦179.25 billion in unremitted collections.
The Public Accounts Committee (PAC), chaired by Rep. Bamidele Salam, has recommended that SystemSpecs Ltd. refund the total sum to the Federal Government Asset Recovery Account at the Central Bank of Nigeria (CBN).
This action is part of a broader investigation initiated by the House in 2024 to address revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies (MDAs) through the Remita platform.
The PAC has also recovered ₦199.3 million from other financial institutions, including Zenith Bank and Guaranty Trust Bank, related to excessive charges and unremitted Value Added Tax (VAT) on transactions processed via Remita from 2015 to 2022.
The committee emphasised its commitment to ensuring accountability and transparency in the management of public funds, urging all stakeholders involved in the TSA ecosystem to comply promptly with remittance requirements.
In a related development, the Federal Government launched the Treasury Management and Revenue Assurance System (TMRAS) to enhance financial oversight and efficiency in March 2025. TMRAS is designed to manage revenue collections and payments across federal ministries, departments, and agencies (MDAs).
The system will be implemented in two phases: the first phase, starting March 4, 2025, will handle naira-denominated transactions, while the second phase, commencing June 1, 2025, will cover foreign exchange transactions and integrate with MDA Enterprise Resource Planning (ERP) systems.
The Office of the Accountant General of the Federation (OAGF) has clarified that Remita will remain operational and be integrated into TMRAS alongside other Central Bank of Nigeria (CBN)-licensed Payment Solution Service Providers (PSSPs). This integration aims to liberalise government revenue payment processes and enhance transparency and accountability in public fund management.
The introduction of TMRAS aligns with the government’s commitment to modernise its financial systems and ensure stricter compliance with financial regulations. The system is expected to improve budget performance across MDAs and strengthen the financial framework for Federal Government-Owned Enterprises (FGOEs).
