The House of Representatives Public Accounts Committee has recovered N521.77 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN) as part of an ongoing investigation into revenue leakages associated with transactions processed through the Remita platform.
The recovered amount represents VAT deductions on fees earned from Remita transactions that were not remitted to the Federal Government between November 2018 and April 2024.
The recovery followed an extensive investigation launched by the House of Representatives after concerns emerged over alleged revenue leakages, non-compliance with financial procedures, and breaches of service-level agreements governing government revenue collections.
The probe was initiated through a House resolution on a motion titled, “Investigation of Revenue Leakages Through Remita Platform and Non-Compliance Substantively with Standard Operating Procedure and Other Allied Service Level Agreement.”
The resolution mandated the Public Accounts Committee to examine transactions conducted through the Remita platform and determine whether all revenues due to the Federation Account had been properly accounted for.
Since the investigation began, the committee, chaired by Bamidele Salam, has reviewed records of remittances, deductions, and collections involving government institutions and service providers.
According to the committee’s findings, the Central Bank failed to remit VAT generated from fees earned through Remita transactions. Lawmakers subsequently directed the apex bank to pay the outstanding amount into the Federal Government Treasury.
The committee later received confirmation that the payment had been made.
In a statement issued on Sunday by the committee’s media unit, Salam disclosed that the CBN submitted documentary evidence confirming the remittance.
“In a letter dated May 7, 2026, the Central Bank informed the committee that it had remitted the outstanding VAT liability and provided documentary evidence showing that the sum of ₦521,765,134.17 had been paid into government coffers,” the statement said.
Salam described the recovery as a major validation of the National Assembly’s oversight function and its commitment to protecting public resources.
“The recovery demonstrates the effectiveness of legislative oversight in safeguarding public resources and ensuring accountability in the management of government revenue,” he said.
He also reaffirmed the committee’s determination to recover all outstanding funds owed to the Federal Government.
“We remain committed to recovering all funds due to the Federal Government and plugging avenues of revenue leakage across public institutions,” Salam stated.
Beyond the recovered VAT, the committee revealed that several other financial obligations involving the Central Bank remain under review.
According to the committee, one category relates to unrefunded charges worth ₦954.3 million, with accumulated interest of ₦2.33 billion. This brings the total amount being pursued under that category to ₦3.28 billion for transactions carried out between March and October 2015.
The committee is also seeking the recovery of Treasury Single Account (TSA) collections valued at ₦8.99 billion. Accrued interest on the amount is estimated at ₦20.73 billion, bringing the total outstanding liability in that category to ₦29.72 billion.
Combined, the liabilities currently under reconciliation and recovery efforts exceed ₦33 billion.
Remita remains a critical component of Nigeria’s public finance system, serving as a major payment gateway for government revenues and Treasury Single Account collections.
Over the years, concerns have been raised about deductions, commissions, remittances, and compliance with contractual obligations among institutions responsible for managing public funds.
The current investigation forms part of broader efforts by the House of Representatives to strengthen transparency and accountability in public finance management amid growing concerns over revenue generation and government earnings.
The Public Accounts Committee said engagements with the Central Bank are ongoing and that future hearings will focus on reconciling disputed figures and determining the full extent of outstanding obligations.
The committee is expected to resume proceedings on the matter at the National Assembly Complex in Abuja, where officials will provide further clarifications on unresolved liabilities and recovery efforts.
Lawmakers maintain that the latest recovery represents only one step in a broader campaign to ensure that all revenues generated on behalf of the Nigerian government are fully accounted for and returned to the public treasury.
