The House of Representatives Public Accounts Committee (PAC) has successfully recovered N521.8 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN). This recovery is part of an ongoing investigation into revenue leakages linked to transactions conducted through the Remita platform.
Investigation Background
The committee initiated the probe following a resolution of the House of Representatives on a motion seeking an investigation into alleged revenue leakages via the Remita platform and non-compliance with standard operating procedures and service level agreements. The investigation focused on remittance of revenues and compliance with financial regulations by agencies involved in the Treasury Single Account (TSA) system.
Findings and Recovery
Chairman of the committee, Bamidele Salam, stated that the panel's review of transactions and remittances associated with the Remita platform uncovered liabilities owed to the Federal Government. Specifically, 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.
Legislative Oversight
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.
Ongoing Engagements
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.
Next Steps
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.
