Republican committee recovers ₦521 million in unpaid VAT from the Central Bank of Nigeria

By Gift Chapi Odekina, Abuja

ABUJA — The House of Representatives Public Accounts Committee (PAC) has recovered ₦521,765,134.17 in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN) after an investigation into alleged revenue leakages and outstanding liabilities owed to the Federal Government.

The recovery follows 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 House subsequently tasked the committee, chaired by Rep. Bamidele Salam, to probe the issue and recover all outstanding public funds.

The committee’s inquiry focused on transactions linked to the Remita payment platform, aiming to identify revenue leakages and enforce compliance with established financial procedures.

Its findings revealed that the CBN had failed to remit VAT amounting to ₦521,765,134.17, which represents tax on fees earned from Remita transactions between November 2018 and April 2024.

Following the findings, the committee directed the apex bank to remit the outstanding sum into the Federal Treasury and to provide evidence of compliance.

In a response dated May 7, 2026, the CBN confirmed compliance and supplied evidence that the amount had been paid into the Federation Account.

Rep. Salam described the recovery as a demonstration of effective legislative oversight in safeguarding public resources and improving accountability in government revenue management.

He reaffirmed the committee’s commitment to recovering all outstanding funds and to addressing systemic loopholes that enable revenue leakages across public institutions.

The committee also disclosed that engagement with the CBN is ongoing over additional outstanding liabilities, including disputed charges and other recoverable funds under review.

Further hearings on the matter are scheduled to continue at the National Assembly Complex in Abuja on Monday, June 8, 2026.

The post Reps committee recovers ₦521m unremitted VAT from CBN appeared first on Vanguard News.