Reps public accounts committee accuses CBN, commercial banks of sharing VAT on Remita

and commercial banks collecting revenue for the government of colluding to share the money made from Value Added Tax paid on Remita by customers.

Salam described the payment as illegal, saying, “The money is an illegal payment. There was no budget provision, so where did they source the money from? The director in charge of Banking Services at the CBN, Ahmed Abdullahi, said Remita and System Spec were selected as alternative ways of remitting revenue because they had been rendering similar services to banks.

Director, Remita Payment Services Ltd., Aderemi Atanda who gave the summary of the TSA collection said that 10, 20, and 50 percent were shared among CBN, commercial banks, and Remitta.

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