Senate urges FG to slash REMITA funds
- The senate on Wednesday, February 24 urged the federal government to slash funds for Systemspec Nigeria
- The senate urged the federal government to terminate Sysytemspec contract
- Senator John Enoh, the chairman of the Joint Committee told the lawmakers that the award of contract to Systemspec altered major term of initial 2011 award
The Senate on Wednesday, February 24 asked Federal government to slash the commission for Systemspec Nigeria which is owned by REMITA from 7 billion naira to 656 million naira as transaction costs for fund transfers and collections.
This was contained in the recommendations of Senate Joint Committee on Finance, Public Account and banking, insurance and other financial institution which was considered on Wednesday.
While considering the report, the senate added that the amount was arrived at using the upper end of the approved band of 700 naira per transactions for the period between March 1 and November 30, 2015.
According to Senate, this makes a minimum saving of over 7 billion naira between March 1 and October 27, 2015.
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However, the Senate asked Central Bank of Nigeria to terminate Systemspecs contract and open space to other e-collection providers for competition, effectiveness, efficiency and greater robustness.
While presenting the report, Senator John Enoh, the chairman of the Joint Committee told the lawmakers that the award of contract to Systemspecs altered major term of initial 2011 award.
It was signed by superior authority at CBN and Office of the Accountant General of the Federation who denied knowledge of such contract with systemspecs.
Source: Legit.ng
