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Remita was selected based on merit – CBN
The Director of Banking Services, Central Bank of Nigeria (CBN), Hamisu Abdullahi, highlighted the merit-based selection of Remita to provide an electronic platform essential for facilitating payments from Ministries, Departments, and Agencies (MDAs) to beneficiary accounts across commercial banks.
He said this when officials of the Central Bank of Nigeria appeared before the House of Representatives Public Accounts Committee today to respond to queries about Remita’s operation of the Treasury Single Account (TSA) platform.
The hearing was presided over by Bamidele Salaam, Chairman of the House Committee on Public Accounts. Salaam had said, “The investigation is not a witch-hunt targeting any company but rather a crucial step towards transparency and ensuring accountability for the federation’s revenue.”
According to Abdullahi “The CBN was directed to provide an electronic platform that would facilitate payments on behalf of MDAs to beneficiaries accounts in the commercial banks.”
“CBN deemed it fit to source for an alternative way of doing this and engaged two companies and out of the two, Remita, was selected based on merit and based on the fact they had been rendering similar services to commercial banks.”
The Managing Director of Remita Payment Services Limited, Mr. ‘Deremi Atanda, also highlighted the previous system’s shortcomings, where government agencies independently received funds and arbitrarily decided the timing and amount of operating surplus to remit, a practice that has been streamlined by the TSA.
“There has been an evolution and it has been positive for the country on account of TSA. Some things that started manually have now become automated. What MDAs were doing was that they were receiving inflows and at their instance determine what is operating surplus when to they remit,” he said.
Mr Atanda said the TSA initiative is designed to create a single window through which all inflows and outflows of government can be monitored in real-time for transparency and accountability and especially for the effective management of the government’s cash assets.
It is pertinent to note that the Director-General of the Bureau of Public Service Reforms, Dr. Dasuki Arabi, in the past reported that the TSA has been instrumental in uncovering and removing approximately 70,000 non-existent employees from the civil service payroll. The government has realized savings of at least N220 billion through the Integrated Payroll and Personnel Information System (IPPIS)
Mr Atanda further explained how the government can track and account for every single transaction through a unique Remita Retrieval Reference (RRR) code assigned to each revenue inflow.
“It allows the government to identify the receiving MDA, the destination account, the date and time of the transaction, the purpose of the payment, and the name of the payer. The RRR has become the ultimate reconciliation reference point for all payers, banks, and MDAs involved in government revenue collection.”
The TSA was lauded by the last administration for being instrumental in Nigeria’s financial reform, enhancing governance and supporting the anti-corruption drive. The former Minister of Information and Culture praised the TSA for preventing fiscal crisis, stating that it “saved Nigeria from collapse.” Through effective resource management and transparency, the TSA has helped eliminate ghost workers and reduce financial discrepancies. Its preservation is vital for Nigeria’s continued economic progress and integrity.
As Nigeria continues its march towards economic stability, some government forex revenue collections still occur outside the TSA framework. Mr. Atanda highlighted the importance of adhering to the TSA’s original intent of consolidating all government inflows and outflows, regardless of currency. This is vital to prevent the diversion of the federal government’s foreign exchange revenues into the hands of unscrupulous entities.
“At a time when the Nigerian Government is seeking ways to generate Forex and prevent the devaluation of the Naira amid increased demand for the US Dollar, allowing such diversions is inadvisable,” he stated.
What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?
See the black market Dollar to Naira exchange rate for yesterday 11th September, below. You can swap your dollar for Naira at these rates.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1525 and sell at N1550 yesterday 12th September 2025, according to sources at Bureau De Change (BDC). …CLICK LINK TO CONTINUE READING
Amidst swirling rumors surrounding Oseloka Obi, the son of Peter Obi, the Labour Party’s presidential candidate for 2023, a new twist has emerged regarding persistent allegations about his gender identity.
In response to a flurry of speculation, Oseloka has taken a stand against the viral claims connecting him to homosexuality, which were sparked by the circulation of photographs featuring him alongside Kent Okwesa, a British-Nigerian based in London. Click link to continue reading.
“We’ve lost two games in a row, it’s not good enough, it’s way too bad,” he said, speaking to Viaplay in Norway. “We need to figure it out, get back to winning ways.
Pep Guardiola’s side are in the bottom half of the Premier League table heading into the clash having lost back-to-back matches against Tottenham and Brighton before the international break. Click link to continue reading.
The General Superintendent of the Deeper Christian Life Ministry, Pastor William Folorunsho Kumuyi, has announced a series of changes to some of the long-standing rules of the church, saying many of them were never scriptural but were introduced for administrative purposes.
Pastor Kumuyi, widely regarded as one of the most influential church leaders in the world, is the founder of Deeper Life Bible Church, which began in 1973 as a small Bible study group in Lagos.
Over the decades, the ministry has grown into a global Christian movement. The Lagos headquarters alone attracts over 120,000 worshippers weekly, placing it among the five largest single congregations worldwide. In Nigeria, the church boasts more than one million members with over 5,000 branches, and a further 3,000 branches spread across Africa, Europe, and North America.
Speaking at the church 2025 Global Family and Marriage Conference, Pastor Kumuyi announced modifications to certain marriage rules that had long been regarded as doctrinal. He clarified that many of these practices were never rooted in the Bible but were merely administrative guidelines designed to provide structure.
One of the major changes is the cancellation of the restriction that prevented a lady from visiting her suitor before marriage. According to Kumuyi, intending couples may now visit each other during courtship, provided they are accompanied by an elder. The long-held six-month mandatory courtship period has also been scrapped. “We just felt you need some time to know one another. And then we said one month will be too short, two months too short. So, why not six months? But it is not from the Bible,” he said.
He stated the importance of Christians being able to distinguish between God’s commandments and church traditions.“As a Christian, you need to be so mature that you know the difference between the law of God and the principles in the church. Six months is all right, but it’s not something inflexible. If we change it to three months, we’re not changing the Bible, because six months is not in the Bible,”
Pastor Kumuyi also clarified the role of marriage committees in Deeper Life, noting that their purpose was to provide guidance and not to exercise authority beyond what is written in the scriptures. “There’s no marriage committee in the New Testament. We created it to help you, not because we can give you a chapter and a verse. It is church administration,” he stated.
These changes are seen by people as another step in the ongoing review of church practices that many members and outsiders have often considered too strict. Since founding the church has faced both admiration and criticism for its distinct doctrines. Some of its earlier beliefs and practices have either been misinterpreted or have since evolved:
Technology Use: The church, which once opposed television and modern gadgets, now embraces media and social platforms for evangelism.read the gospel.
Marriage Rules: Inter-church marriages are now accepted, provided the partner is from a Bible-believing church with a holy standard of living.
Dress Code: The church still emphasizes modesty, but women no longer have to tie scarves at all times, and men are not strictly bound to suits.
Medical Treatment: While rumors once suggested Deeper Life discouraged hospital visits, today members are encouraged to seek proper medical care when needed.
Christmas Celebrations: Although many members spend Christmas at church camps, the church has clarified that celebrating Christmas is not forbidden.
Other misconceptions, such as supposed food restrictions or claims that Pastor Kumuyi had relocated to the UK, have also been dispelled.
Through these reforms, Pastor Kumuyi is reinforcing his long-held belief that while order is necessary in the church, it must never be mistaken for scripture.
Source: City People
What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?
See the black market Dollar to Naira exchange rate for yesterday 11th September, below. You can swap your dollar for Naira at these rates.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1530 and sell at N1550 yesterday 11th September 2025, according to sources at Bureau De Change (BDC). …CLICK LINK TO CONTINUE READING
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