The House of Representatives Public Accounts Committee (PAC) has recovered N521.77 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN), marking a major milestone in its ongoing investigation into alleged revenue leakages associated with transactions processed through the Remita payment platform.
The recovered amount represents VAT deductions on fees earned from Remita transactions that were not remitted to the Federal Government between November 2018 and April 2024.
The recovery followed a comprehensive probe launched by the House of Representatives after concerns emerged over alleged revenue leakages, non-compliance with established financial procedures, and breaches of service-level agreements governing government revenue collections.
The investigation was initiated pursuant to a House resolution on 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 resolution empowered the Public Accounts Committee to scrutinise transactions conducted through the platform and ensure full accountability of government revenues.
Since the commencement of the probe, the committee has examined records of remittances, deductions and collections involving government institutions and service providers to determine whether all revenues due to the Federation Account were properly accounted for.
Chairman of the committee, Rep. Bamidele Salam, disclosed that findings from the investigation revealed that the apex bank failed to remit VAT accruing from fees generated through Remita transactions, prompting lawmakers to direct the CBN to settle the outstanding liability.
According to Salam, the committee subsequently received confirmation from the Central Bank that the amount had been paid into the Federal Government Treasury.
“In a letter dated May 7, 2026, the Central Bank informed the committee that it had remitted the outstanding VAT liability and provided documentary evidence showing that the sum of N521,765,134.17 had been paid into government coffers,” he stated.
Salam described the recovery as a testament to the effectiveness of legislative oversight in promoting transparency and accountability in public finance 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 lawmaker reaffirmed the committee’s determination to recover every fund owed to the Federal Government and eliminate avenues for revenue leakages across public institutions.
“We remain committed to recovering all funds due to the Federal Government and plugging avenues of revenue leakage across public institutions,” he added.
Despite the latest recovery, the committee disclosed that several outstanding financial obligations involving the CBN remain under review.
According to the committee, one category of liabilities involves unrefunded charges amounting to N954.3 million, with accrued interest estimated at N2.33 billion, bringing the total amount under that heading to N3.28 billion for transactions conducted between March and October 2015.
The committee is also pursuing the recovery of Treasury Single Account (TSA) collections valued at N8.99 billion, alongside accumulated interest of N20.73 billion.
The total outstanding liability under that category currently stands at N29.72 billion.
Combined, the unresolved liabilities being reconciled and pursued by the committee exceed N33 billion.
The Remita platform plays a critical role in Nigeria’s public finance ecosystem, serving as a major gateway for government revenue collections and Treasury Single Account transactions.
Over the years, concerns have periodically been raised over deductions, commissions, remittances and compliance with contractual obligations by institutions involved in managing government receipts.
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The House committee said the ongoing investigation forms part of broader efforts by the National Assembly to strengthen accountability in public finance management and improve government revenue mobilisation amid fiscal challenges.
It added that engagements with the Central Bank would continue, with further hearings expected to focus on reconciling disputed figures and determining the full extent of outstanding liabilities.
The committee is scheduled to resume proceedings on the matter at the National Assembly Complex in Abuja, where officials are expected to provide additional clarifications on unresolved financial obligations and recovery efforts.
For the lawmakers, the latest recovery represents another significant step toward ensuring that revenues generated on behalf of the Nigerian people are fully accounted for and returned to the public treasury.
