The House of Representatives Public Accounts Committee has recovered ₦521.77 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN), following an investigation into alleged revenue leakages linked to the Remita payment platform. The recovery marks a significant milestone in the ongoing scrutiny of government revenue collection processes.
The funds represent VAT deductions from fees generated through Remita transactions that were not remitted to the Federal Government between November 2018 and April 2024. Lawmakers raised concerns that these gaps in remittance contributed to avoidable revenue losses within the country’s financial system.
The investigation was launched following a House resolution titled “Investigation of Revenue Leakages Through Remita Platform and Non-Compliance Substantively with Standard Operating Procedure and Other Allied Service Level Agreement.” The Public Accounts Committee, chaired by Osun lawmaker Bamidele Salam, was tasked with reviewing financial records involving key institutions handling federal collections.
According to the committee, the CBN failed to remit VAT generated from transaction fees, prompting legislative intervention. In response, the apex bank has now confirmed compliance, stating in a letter dated May 7, 2026, that ₦521,765,134.17 has been paid into the Federal Government treasury, along with supporting documentation.
Chairman Bamidele Salam described the recovery as evidence of effective legislative oversight and reaffirmed the committee’s commitment to tracking all outstanding liabilities. He added that the investigation is ongoing, with additional recoveries under review, including multi-billion-naira obligations tied to Treasury Single Account transactions and other disputed charges involving the CBN.
source: punch