Reps Committee Recovers N521.8 Million in Unremitted VAT from the CBN

The House of Representatives Public Accounts Committee (PAC) has recovered N521.8 million in unpaid Value Added Tax (VAT) from the Central Bank of Nigeria (CBN). The amount was uncovered during an ongoing probe into alleged revenue leakages linked to transactions processed through the Remita payment platform.

The recovery resulted from the committee’s review of revenue remittances and compliance procedures for agencies operating under the Treasury Single Account (TSA) framework.

The investigation was launched after the House passed a resolution directing an inquiry into possible revenue leakages via Remita, as well as allegations that agencies had failed to comply with established operational guidelines and service agreements.

Committee chairman Bamidele Salam said that a detailed examination of transaction records and remittance processes revealed outstanding liabilities owed to the Federal Government.

According to the committee, the CBN had not remitted VAT amounting to N521,765,134.17. The tax represents deductions linked to fees generated from Remita transactions carried out between November 2018 and April 2024.

Following the findings, the committee ordered the apex bank to transfer the outstanding amount to the Federal Treasury and to submit proof of payment.

In a letter dated May 7, 2026, the CBN informed the committee that it had complied with the directive and provided documentation confirming the remittance of the N521.8 million to government coffers.

Salam described the recovery as a significant outcome of the committee’s oversight role, noting that it demonstrates how legislative scrutiny can promote transparency, accountability and effective management of public funds.

He added that the committee remains committed to ensuring that all government agencies fully comply with financial regulations and remit revenues due to the Federal Government.