In a session on Wednesday, the House of Representatives sounded the alarm regarding the Remita platform, the operational hub for the Treasury Single Account of the Federal Government.
The concern was raised through a motion presented by Jeremiah Umaru of the APC representing Akwanga/Nasarawa Egon/Wamba.
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The lower chamber expressed deep apprehension as it revealed that trillions of naira had traversed the Remita platform without proper accountability. The root cause identified was the proliferation of sub-accounts initiated by the Central Bank of Nigeria (CBN), leading to a financial transparency crisis.
Fearing the potential loss of substantial revenue if left unaddressed, the House emphasized the urgency of tackling this issue promptly. The unaccounted funds, coupled with the unchecked proliferation of sub-accounts, pose a significant threat to the financial stability of the country.
