The House of Representatives Public Accounts Committee (PAC) has recovered N521.8 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN) as part of its ongoing investigation into revenue leakages linked to transactions conducted through the Remita platform.
The committee said the recovery followed its probe into the remittance of revenues and compliance with financial regulations by agencies involved in the Treasury Single Account (TSA) system.
The investigation was initiated pursuant to a resolution of the House of Representatives on a motion seeking a probe of alleged revenue leakages through the Remita platform and non-compliance with standard operating procedures and service level agreements.
Chairman of the committee, Bamidele Salam, said the panel’s review of transactions and remittances associated with the platform uncovered liabilities owed to the Federal Government.
According to the committee, the CBN failed to remit VAT amounting to N521,765,134.17, representing the tax component on fees earned from Remita transactions between November 2018 and April 2024.
Following the discovery, the committee directed the apex bank to remit the outstanding amount into the Federal Government Treasury and provide evidence of compliance.
In a letter dated May 7, 2026, the CBN informed the committee that it had complied with the directive and submitted documents confirming that the N521.8 million had been remitted to the Federal Government.
Salam described the recovery as evidence of the effectiveness of legislative oversight in safeguarding public resources and ensuring accountability in revenue management.
He reiterated the committee’s commitment to recovering all outstanding funds due to the Federal Government and blocking avenues for revenue leakages across public institutions.
The committee disclosed that its engagement with the CBN remains ongoing, particularly regarding the reconciliation and recovery of other outstanding liabilities.
Among the amounts being pursued are unrefunded charges totalling N954.3 million and accrued interest of N2.33 billion, bringing the total recoverable sum under that category to N3.28 billion for the period between March 1 and October 31, 2015.
The panel is also seeking the recovery of unrefunded Treasury Single Account collections amounting to N8.99 billion, with accrued interest of N20.73 billion, bringing the total outstanding liability in that category to N29.72 billion.
The Public Accounts Committee said it would continue hearings on the matter on Monday, June 8, 2026, at the National Assembly Complex, Abuja, as it intensifies efforts to recover additional funds on behalf of the Federal Government.
