The House of Representatives has directed financial technology firm Remita, operated by SystemSpecs Ltd, to refund over ₦182 billion to the Federal Government following revelations from a forensic audit that exposed significant discrepancies in the management of funds within the Treasury Single Account (TSA).
This directive was issued by the House Committee on Public Accounts (PAC) during a public hearing on Wednesday, after it received and reviewed findings submitted by a forensic audit consultancy engaged to scrutinize the TSA ecosystem.
Committee Chairman, Hon. Bamidele Salam, stated that the decision was backed by extensive documentation provided by the auditing firm, Remita/SystemSpecs, and other stakeholders involved in the TSA operations. The audit report highlighted that the outstanding amount, accumulated since 2015, was determined using the Central Bank of Nigeria’s current Monetary Policy Rate of 27.25%.
“In the interest of public transparency and accountability, it is the resolution of this Committee that SystemSpecs should remit the calculated sum back to the TSA without further delay,” Salam declared, adding that some commercial banks had already complied with similar orders in the past.
Salam praised the forensic consultants for what he called a “thorough and patriotic effort,” noting that such work is instrumental in strengthening Nigeria’s financial integrity and governance standards.
The Committee’s resolution signals a renewed commitment by the legislature to ensure adherence to fiscal regulations and to hold private partners managing public funds accountable.
