By Oluwakemi Kindness
The House of Representatives Public Accounts Committee (PAC) says it has recovered ₦521.8 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN) as part of an ongoing probe into revenue leakages linked to the Remita platform.
The committee say the recovered sum, amounting to ₦521,765,134.17, represents VAT on fees earned from Remita transactions that was not remitted to the Federal Government between November 2018 and April 2024.
The recovery follows an investigation launched by the committee after the House of Representatives mandated it to probe alleged revenue leakages through the Remita platform and non-compliance with standard operating procedures and service-level agreements.
Chairman of the committee, Rep. Bamidele Salam, in a statement on Sunday says the probe is aimed at identifying revenue leakages, enforcing compliance and recovering all outstanding funds due to the Federal Government.
According to the committee, it discover during the investigation that the CBN had failed to remit the VAT component on Remita transaction fees and subsequently directed the apex bank to pay the outstanding amount into the Federal Government Treasury.
The committee disclose that in a letter dated May 7, 2026, the CBN confirmed compliance with the directive and provided evidence that the ₦521.8 million had been remitted.
Salam say the recovery highlights the importance of legislative oversight in protecting public funds and ensuring accountability in the management of government revenue.
He includes that the committee remains committed to recovering all outstanding funds owed to the Federal Government and closing avenues for revenue leakages across public institutions.
The committee said its engagement with the CBN is continuing over other outstanding liabilities yet to be recovered.
These include unrefunded charges of ₦954.3 million and accrued interest of ₦2.33 billion, bringing the total recoverable amount under that category to ₦3.28 billion for the period between March 1 and October 31, 2015.
PAC is also pursuing the recovery of unrefunded Treasury Single Account (TSA) collections amounting to ₦8.99 billion, with accrued interest of ₦20.73 billion, bringing the total outstanding liability under that category to ₦29.72 billion.
The committee say hearings on the matter will continue on Monday, June 8, 2026, at the National Assembly Complex in Abuja
