Reps Committee Recovers N521.8m Unremitted VAT from CBN
The House of Representatives Public Accounts Committee (PAC) has announced the recovery of N521.76 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN) as part of its ongoing investigation into revenue leakages and outstanding funds owed to the Federal Government.
The committee disclosed that the recovery followed its probe into alleged revenue leakages through the Remita payment platform and non-compliance with standard operating procedures and service-level agreements. The investigation was launched pursuant to a resolution of the House based on a motion seeking to examine revenue losses linked to the platform.
According to the committee, its findings revealed that the CBN failed to remit N521,765,134.17 in VAT accruing from fees earned on Remita transactions between November 2018 and April 2024. PAC subsequently 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 fully complied with the directive and remitted the amount.
Chairman of the committee, Hon. Bamidele Salam, described the recovery as a testament to the effectiveness of legislative oversight in protecting public resources and promoting accountability in revenue management. He reiterated the committee’s commitment to recovering all outstanding funds due to the Federal Government and closing loopholes that enable revenue leakages across public institutions.
The committee, however, noted that its engagement with the CBN remains ongoing, particularly regarding the reconciliation and recovery of other outstanding liabilities. These include unrefunded charges amounting to N954.3 million and accrued interest of N2.33 billion, bringing the total recoverable sum in that category to N3.28 billion for the period between March and October 2015.
PAC also disclosed that it is pursuing the recovery of N8.99 billion in unrefunded Treasury Single Account (TSA) collections, alongside accrued interest of N20.73 billion, bringing the total outstanding liability under that category to N29.72 billion.
The committee said hearings on the matter will continue on June 8 at the National Assembly Complex in Abuja as efforts intensify to recover all outstanding public funds.