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), following its ongoing investigation into revenue leakages linked to the Remita payment platform.
The recovery forms part of a wider probe initiated after a House resolution on a motion titled “Investigation of Revenue Leakages Through Remita Platform and Non-Compliance with Standard Operating Procedure and Other Allied Service Level Agreement.”
Chairman of the Committee, Rep. Bamidele Salam, said the investigation was aimed at identifying leakages, enforcing compliance, and recovering all outstanding revenues due to the Federal Government.
According to him, the committee has carried out extensive reviews of transactions and remittances associated with the Remita platform, leading to several recoveries while more liabilities are still being uncovered.
During the probe, the committee discovered that the CBN failed to remit VAT amounting to ₦521,765,134.17, representing tax obligations on fees earned from Remita-related transactions between November 2018 and April 2024.
The committee subsequently directed the apex bank to remit the outstanding amount into the Federation Account and provide evidence of compliance.
In a response dated May 7, 2026, the CBN confirmed compliance, stating that the full sum had been remitted to the Federal Government Treasury.
Rep. Salam said the recovery underscores the effectiveness of legislative oversight in strengthening accountability and protecting public funds.
He reaffirmed the committee’s commitment to recovering all funds due to the Federal Government and closing identified gaps in revenue management across public institutions.
Beyond the recovered VAT, the committee disclosed that its engagement with the CBN is ongoing over additional outstanding liabilities.
These include unrefunded charges of ₦954,302,576.67 and accrued interest of ₦2,329,027,728.92, bringing the total to ₦3,283,330,305.59 for the period between March and October 2015.
The committee is also pursuing recovery of unrefunded Treasury Single Account (TSA) collections amounting to ₦8,993,551,555.94, alongside accrued interest of ₦20,727,241,152.04, bringing that category alone to ₦29,720,792,707.98.
The PAC is expected to continue its hearing on the matter on Monday, June 8, 2026, at the National Assembly Complex, Abuja.
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2005 Camry LE .680k
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2008 Toyota Camry 1.3m
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2011 Corolla XLE – Alloy + Formica 2.850m
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