Reps committee recovers N521.8m unremitted VAT from CBN

The House of Representatives Public Accounts Committee, PAC, has recovered N521.8 million in outstanding Value Added Tax, VAT, from the Central Bank of Nigeria as part of an ongoing investigation into alleged revenue leakages associated with transactions processed through the Remita platform.

The recovery emerged from the committee’s scrutiny of revenue remittances and compliance procedures involving agencies operating under the Treasury Single Account, TSA, framework.

The probe followed a resolution of the House directing an investigation into allegations of revenue leakages through the Remita payment platform, as well as claims of non-compliance with established operational guidelines and service agreements.

Chairman of the committee, Bamidele Salam, said the panel’s examination of transaction records and remittance processes revealed outstanding liabilities due to the Federal Government.

According to the committee, the CBN had not remitted VAT totaling N521,765,134.17, representing tax deductions linked to fees generated from Remita transactions conducted between November 2018 and April 2024.

Following the findings, the committee directed the apex bank to transfer the outstanding amount to the Federal Government’s treasury and submit proof of payment.

In a correspondence dated May 7, 2026, the CBN informed the committee that it had complied with the directive and provided documentation confirming the remittance of the N521.8 million to government coffers.

Salam described the recovery as a significant outcome of the committee’s oversight responsibilities, noting that it demonstrates the role of legislative scrutiny in promoting transparency, accountability and effective management of public funds.

He added that the committee remains committed to ensuring that all government agencies comply with financial regulations and fully remit revenues due to the Federal Government.