The House of Representatives Public Accounts Committee (PAC) has recovered over five hundred and twenty-one million naira in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN), as part of its ongoing investigation into revenue leakages and outstanding funds due to the Federal Government.
The recovery is one of several outcomes of a comprehensive investigation initiated following a House of Representatives 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 Chairman Public Accounts Committee, Bamidele Salam said the recovery demonstrates the effectiveness of legislative oversight in safeguarding public resources and ensuring accountability in the management of government revenue.
Mr. Salam said the Committee took an extensive examination of transactions and remittances connected to the Remita platform, with a view to identifying revenue leakages, enforcing compliance, and recovering all outstanding funds due to the Federal Government.
According to Salam the investigation has led to several recoveries and continues to identify additional liabilities owed to government coffers.
“As part of the ongoing exercise, the Committee discovered that the Central Bank of Nigeria (CBN) had failed to remit VAT amounting to ₦521,765,134.17 (Five Hundred and Twenty-One Million, Seven Hundred and Sixty-Five Thousand, One Hundred and Thirty-Four Naira, Seventeen Kobo Only), representing the tax component on fees earned from Remita transactions.”
He reiterated that the Committee’s commitment to recovering all funds due to the Federal Government and plugging avenues of revenue leakage across public institutions.
The Committee disclosed that its engagement with the CBN is ongoing, particularly on the reconciliation and recovery of other outstanding liabilities
The Committee subsequently directed the apex bank to remit the outstanding amount into the Federal Government Treasury and submit evidence of compliance.
The Public Accounts Committee is scheduled to continue its hearing on the matter on Monday, June 8, 2026, at the National Assembly Abuja.
Tanimu Salihu
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