Nigeria’s House of Representatives Committee on Public Accounts says it has recovered about N521.7 million in unremitted Value Added Tax, VAT from the Central Bank of Nigeria, in continuation of the National Assembly’s effort to plug revenue leakages and strengthen accountability in the management of public funds.
In a statement by the committee chairman, Bamidele Salam, the recovery followed an extensive investigation into transactions processed through the Remita platform and compliance with revenue remittance obligations to the Federal Government.
The probe by the committee followed the adoption of a motion by the House at plenary, seeking investigation into revenue leakages through the Remita Platform and alleged non-compliance with Standard Operating Procedure and other allied service level agreement.
Salam explained that the committee undertook a comprehensive review of transactions, remittances and related financial obligations connected to the Remita platform, with a focus on identifying revenue leakages, enforcing compliance and recovering public funds.
According to the committee, findings show that the CBN failed to remit VAT amounting to N521.7 million, 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.
Consequently, the CBN in a letter dated May 7, 2026, informed the committee that it has complied with the directive and subsequently submitted evidence confirming the remittance of the full amount to the Federal Government.
The committee noted that its engagement with the CBN is ongoing, disclosing that efforts are underway to reconcile and recover other outstanding liabilities, which include un-refunded charges amounting to N954 million and accrued interest of about N2.33 billion bringing the total recoverable sum under the category to N3.28 billion for the period between March 1, 2015 and October 31, 2015.
The committee says it is also pursuing the recovery of un-refunded Treasury Single Account collections amounting to N8.99 billion with accrued interest of N20.72 billion bringing the total outstanding liability under the category to N29.72 billion among others.
Salam reaffirmed the committee’s determination to pursue all outstanding liabilities owed to the Federal Government and close loopholes that enable revenue leakages.
(Editor: Terverr Tyav)
