The Public Accounts Committee of the House of Representatives has recovered N521.77 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN).
The recovered funds represent VAT deductions on transaction fees processed through the Remita platform that were not paid to the Federal Government between November 2018 and April 2024.
The recovery is part of a wider investigation into alleged revenue leakages, procedural lapses, and non-compliance with service-level agreements in the management of government collections via the Remita platform.
Investigation Details
The probe was initiated following a House resolution mandating the committee, chaired by Hon. Bamidele Salam (Osun), to examine remittances, deductions, and collections involving major government institutions and service providers.
After reviewing relevant records, the committee found that the CBN had failed to remit VAT on fees earned from Remita transactions. The apex bank was subsequently directed to settle the outstanding liability.
In a letter dated May 7, 2026, the CBN confirmed that the sum of ₦521,765,134.17 had been paid into the Federal Government’s treasury, with documentary evidence provided to the committee.
Committee’s Position
Hon. Bamidele Salam described the recovery as a clear demonstration of the National Assembly’s commitment to protecting public funds and enforcing accountability.
“The recovery demonstrates the effectiveness of legislative oversight in safeguarding public resources and ensuring accountability in the management of government revenue,” he said.
The committee chairman pledged to continue pursuing all outstanding liabilities, stating that the investigation remains active until every kobo due to the Federation Account is fully recovered.
Additional Claims Under Review
Beyond the VAT recovery, the committee is still pursuing other significant liabilities from the CBN, including:
– Unrefunded charges of N954.3 million plus accrued interest of N2.33 billion, totaling N3.28 billion.
– Treasury Single Account (TSA) collections amounting to N8.99 billion with accrued interest of N20.73 billion, bringing the total under this category to N29.72 billion.
The combined outstanding obligations currently being reconciled exceed N33 billion.
The Remita platform plays a central role in Nigeria’s public finance system as the primary gateway for government revenue collections and TSA transactions. The ongoing investigation reflects the House’s broader determination to strengthen fiscal accountability and close revenue leakages across public institutions.
The committee is expected to resume hearings on the matter on Monday, June 8, 2026, at the National Assembly Complex in Abuja.
