The House of Representatives Public Accounts Committee says it has recovered more than N521 million in outstanding Value Added Tax (VAT) from the Central Bank of Nigeria (CBN) as part of its investigation into revenue leakages associated with transactions processed through the Remita payment platform.
The recovered amount, totaling N521.77 million, represents VAT deductions from service fees generated through Remita transactions between November 2018 and April 2024 that were not previously remitted to the Federal Government.
The recovery followed an investigation launched by the House of Representatives after concerns were raised over alleged revenue leakages and non-compliance with financial regulations governing government revenue collections. The probe was initiated through a House resolution mandating the Public Accounts Committee to examine transactions conducted via the Remita platform.
Chairman of the committee, Mr. Bamidele Salam, said findings revealed that the apex bank had not remitted VAT accrued from fees earned on Remita transactions. The committee subsequently directed the CBN to settle the outstanding liability.
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According to Salam, the CBN confirmed compliance in a letter dated May 7, 2026, and provided evidence showing that the sum had been paid into the Federal Government’s account.
He described the recovery as evidence of the effectiveness of legislative oversight in ensuring accountability and safeguarding public funds.
The committee also disclosed that its investigation is ongoing, with additional financial obligations involving the CBN still under review. Among them are unrefunded charges amounting to N954.3 million and accrued interest of N2.33 billion, bringing the total outstanding amount being examined to about N3.28 billion.
