Reps Recover N521.77m VAT From CBN

By Babatunji Wusu| The House of Representatives Public Accounts Committee has recovered N521.77 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN) as part of an ongoing investigation into alleged revenue leakages connected to transactions processed through the Remita platform.

The recovered amount represents VAT deductions on fees generated from Remita transactions between November 2018 and April 2024 that were not remitted to the Federal Government.

The breakthrough followed an extensive probe launched by the committee after concerns emerged over possible revenue leakages, non-compliance with financial procedures and violations of agreements governing government revenue collections. The investigation was authorised by the House of Representatives through a resolution directing lawmakers to examine transactions conducted through the payment platform.

Chairman of the committee, Bamidele Salam, disclosed that the apex bank had complied with directives to remit the outstanding liability. According to him, the CBN confirmed the payment in a letter dated May 7, 2026, and provided evidence showing that ₦521,765,134.17 had been paid into government accounts.

Salam described the recovery as evidence of the effectiveness of legislative oversight in protecting public funds and promoting accountability in government revenue management.

“The recovery demonstrates the effectiveness of legislative oversight in safeguarding public resources and ensuring accountability in the management of government revenue,” he said.

The committee, however, noted that the investigation remains ongoing. Beyond the recovered unremitted VAT, lawmakers are reviewing additional liabilities involving the CBN valued at more than ₦33 billion.

These include unrefunded charges amounting to ₦954.3 million and accrued interest of ₦2.33 billion, as well as Treasury Single Account (TSA) collections of ₦8.99 billion with accumulated interest estimated at ₦20.73 billion.

The Public Accounts Committee said it would continue efforts to recover all outstanding funds due to the Federal Government and close avenues for revenue leakages across public institutions. Further hearings on the matter are expected to continue at the National Assembly in Abuja.