The House of Representatives Public Accounts Committee has secured N521.8 million in unremitted Value Added Tax from the Central Bank of Nigeria. The recovery follows a probe into revenue leakages linked to transactions processed through the Remita platform under the Treasury Single Account system.
The committee, led by Bamidele Salam, uncovered the unremitted VAT during its investigation into compliance with financial regulations. The CBN failed to remit N521.76 million in VAT on fees earned from Remita transactions between November 2018 and April 2024. The committee directed the bank to pay the outstanding sum into the Federal Government Treasury and provide evidence of compliance.
In a letter dated May 7, 2026, the CBN confirmed the remittance of the full amount. Salam described the recovery as proof of effective legislative oversight in protecting public funds. The committee remains focused on recovering additional outstanding liabilities, including N3.28 billion in unrefunded charges and accrued interest from 2015, as well as N29.72 billion in unremitted TSA collections and interest.
The investigation stems from a House resolution mandating the probe of revenue leakages through the Remita platform. The committee’s findings highlight systemic gaps in revenue remittance by public institutions. Further hearings are scheduled to reconcile disputed figures and ensure full recovery of all outstanding obligations.
The recovery underscores the National Assembly’s commitment to enforcing financial accountability. The committee has vowed to pursue every kobo owed to the Federal Government, signaling a broader crackdown on revenue leakages across public agencies.
