The House of Representatives Public Accounts Committee (PAC) has recovered N521.8 million in outstanding Value Added Tax (VAT) from the Central Bank of Nigeria (CBN) following an ongoing investigation into alleged revenue leakages linked to transactions processed through the Remita platform.
The recovery came during the committee’s review of Value Added Tax (VAT) revenue remittances and compliance under the Treasury Single Account (TSA) framework.
The investigation followed a House resolution mandating a probe into claims of revenue leakages through the Remita payment system, as well as alleged non-compliance with operational guidelines and service agreements.
Chairman of the committee, Bamidele Salam, said the inquiry into transaction records and remittance processes uncovered unpaid liabilities owed to the Federal Government.
According to the committee, the CBN failed to remit VAT amounting to N521,765,134.17, representing tax deductions from fees generated on Remita transactions between November 2018 and April 2024.
Following the findings, the committee directed the apex bank to remit the outstanding sum into the Federal Government’s treasury and provide evidence of payment.
In a letter dated May 7, 2026, the CBN confirmed compliance with the directive and submitted documentation showing that the N521.8 million had been paid into government accounts.
Salam described the recovery as a major achievement of the committee’s oversight function, noting that it reflects the importance of legislative scrutiny in promoting transparency and accountability in public finance management.
He added that the committee remains committed to ensuring full compliance by government agencies in remitting all revenues due to the Federal Government.
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