Nigerian Lawmakers Recover ₦521.8 Million VAT from Central Bank, Pursue Over ₦33 Billion More

Nigeria's House of Representatives Public Accounts Committee (PAC) has successfully recovered ₦521.8 million in Value Added Tax (VAT) that was not remitted to the federal government. This recovery stems from VAT deductions on fees generated from transactions processed via the Remita payment platform over a period spanning November 2018 to April 2024.

The committee launched its investigation following a House resolution to probe alleged revenue leakages, non-compliance with procedures, and breaches of service agreements linked to the Remita platform. The PAC was mandated to scrutinize these transactions and recover any funds owed to the government.

“

The recovery is evidence of the importance of legislative oversight in ensuring accountability and protecting public resources.

Bamidele Salam, the committee chairman, confirmed the recovery, stating that the Central Bank of Nigeria (CBN) was directed to remit the outstanding VAT liability of ₦521,765,134.17. The CBN reportedly complied with this directive on May 7, providing evidence of payment into government coffers. Salam highlighted this recovery as a testament to the importance of legislative oversight in safeguarding public funds.

This VAT recovery is part of a larger ongoing investigation into the Remita platform. The committee is actively pursuing additional claims, including ₦954.3 million in unrefunded charges plus ₦2.33 billion in accrued interest (totaling ₦3.28 billion) for transactions between March and October 2015. Furthermore, the PAC is seeking the recovery of ₦8.99 billion in unrefunded Treasury Single Account (TSA) collections, along with ₦20.73 billion in accrued interest, amounting to ₦29.72 billion under this category. In total, the committee is pursuing over ₦33 billion in disputed claims from the CBN and other associated entities.

“

The committee remains committed to identifying and recovering all outstanding revenues due to the federal government from public institutions and service providers.