Reps Orders Remita to Refund ₦182.77 Billion in TSA Leakages

Beulah Godfrey

April 17, 2025
2 min read

The Nigerian House of Representatives has ordered Remita, a payment platform, to refund ₦182.77 billion to the federal government. This amount covers transaction leakages from the Treasury Single Account (TSA) system since 2015.

The Public Accounts Committee (PAC) of the House gave the order after a detailed forensic audit. Seyi Katola & Company, a firm of chartered accountants, carried out the investigation.

In 2024, the House asked PAC to probe missing funds and revenue leakages by ministries and agencies using Remita for TSA transactions.

“The committee recommends that SystemSpecs Ltd (Remita’s parent company) refund the ₦182.77 billion to the Federal Government Asset Recovery Account at the Central Bank of Nigeria,” PAC stated.

Remita’s Role in TSA Transactions

Since 2012, Remita has served as the federal government’s main payment gateway for TSA. It helps collect and manage public funds from individuals, businesses, and other organizations.

During the investigation, PAC Chairman Bamidele Salam said the decision relied on documents from Remita and other stakeholders. He also praised the audit firm for a thorough and patriotic job that promotes fiscal transparency.

Breakdown of Remita’s Liability

The audit showed that Remita owes:

₦3.42 billion for under-refunded transaction processing fees.
₦101.85 million for unpaid acquirer fees.
₦179.25 billion for unremitted collections.

These amounts include interest charges based on the Central Bank’s Monetary Policy Rate of 27.25%.

PAC added that some commercial banks involved in similar repayment issues have already complied. The committee urged other service providers in the TSA system to refund all due amounts quickly.

Government Now Integrates Remita with TMRAS

The federal government has started using the Treasury Management and Revenue Assurance System (TMRAS) to improve transparency and efficiency. Since March 4, 2025, TMRAS has managed revenue and payments across all government departments and agencies.

TMRAS lets the Office of the Accountant General and MDAs track balances, view bank statements, and automatically deduct and remit taxes like VAT and stamp duties.

The Accountant General’s office confirmed that the government still uses Remita as a CBN-approved platform. However, TMRAS now works alongside Remita to support more secure and transparent payments.