The cost resolution possibility, REMITA, generated a complete sum of N34.31 trillion for the Federal Authorities between 2015 and 2022.
The Managing Director/CEO of REMITA, Mr Deremi Atanda, disclosed this in the course of the investigative listening to on “alleged income leakages by means of REMITA platform and non-compliance substantively with customary working process and different allied service settlement’, referred to as by the Public Accounts Committee in Abuja on Wednesday.
To confirm the workings of the bond signed between the Central Financial institution of Nigeria and Systemspec/REMITA on the income assortment, the Bamidele Salam-led Committee resolved to ask the Minister of Finance and Coordinating Minister of the Financial system, Mr Wale Edun, and CBN Governor, Yemi Cardoso, to look in particular person to provide an account of the roles performed by every of the establishments.
Within the paperwork submitted to the committee, as an alternative of the N343.119 billion in payment earnings due on the contracted price of 1 per cent flat, which the stakeholders are entitled to (in opposition to the standard 5 to seven per cent payment), in response to the settlement signed in 2015, the sum of N23.92 billion in precise payment earnings was utilized.
Within the 2018 round on the chargeable charges pointers on e-collection, the sharing components revealed that each one the stakeholders are to share the sum of N150 per transaction- Deposit Cash Banks 33 per cent, CBN – 11 per cent, Nigeria Inter-Financial institution Settlement System – 10.5 per cent, Workplace of Accountant Normal of the Federation 2.5 per cent, whereas REMITA and different stakeholders together with card issuers take 43 per cent of the chargeable charges.
Dismissing the goals that REMITA imposed a further payment other than the accepted N150 (which represents 10 per cent on the present trade price) on the revenue-generating Ministries, Departments and Businesses, Atanda famous that the cost resolution platform gives extra expertise companies to the federation freed from cost.
In his phrases, the sum of N1.5 trn was remitted in 2015, N2.8 trn in 2016, N3.7 trn in 2017, N4.6 trn in 2018, N4.6 trn in 2019, N4.2 trn in 2020 being the COVID 12 months, N6 trn in 2021, whereas N6.8 trn was realised within the 2022 fiscal 12 months.
“The CBN engaged REMITA to offer the service as a part of efforts geared in the direction of shoring up income accrued to Federation. Related agreements have been signed, and customary working procedures have been adopted.
“one per cent settlement payment payable to all of the stakeholders concerned within the contract settlement was reached in 2020 following an earlier investigative listening to performed the place CBN, banks, REMITA, and different workers concerned have been requested to refund the chargeable charges collected from the companies supplied since inception,” he stated.
He additionally disclosed that CBN and the workplace of the Accountant Normal of the Federation have 100 per cent entry to the platform whereas all revenues accruing into every of the 1,137 MDAs that pay by means of the REMITA platform get the funds, including that the apex financial institution accesses such revenues day by day.
On potential leakages, the REMITA boss urged the Nationwide Meeting to make sure that all dollar-related income is captured into the income assortment gateway, noting that the main focus has been strictly on naira income up to now 9 years.
Whereas responding to a query on the contract signed with Remita, the Accountant Normal of the Federation, represented by the Director of Single Treasury, Mr Mohammed Bello, disclosed that the two.5 per cent payment accrued to OAGF goes straight into the Federal Authorities’s account,
In his ruling, PAC Chairman, Bamidele Salam emphasised the necessity for the bodily look of the Minister of Finance and Coordinating Minister of the Financial system, CBN Governor, and Accountant Normal of the Federation earlier than the Committee, on Tuesday, February 20, 2024.
