Reps c’ttee recovers ₦521.77m VAT from CBN

The House of Representatives Public Accounts Committee has successfully recovered ₦521.77 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN). This significant recovery stems from an ongoing investigation into revenue leakages associated with government collections processed through the Remita platform.

“

The apex bank failed to remit VAT accruing from fees generated through Remita transactions, prompting lawmakers to direct the CBN to pay the outstanding amount into the Federal Government Treasury.

The recovered sum specifically relates to VAT deductions on fees generated from Remita transactions that were not remitted to the Federal Government over a period from November 2018 to April 2024. The investigation was launched by the House following concerns about alleged revenue leakages, non-compliance with financial procedures, and breaches of service-level agreements governing government revenue collections.

Chaired by Osun lawmaker Bamidele Salam, the committee has been meticulously examining remittance records, deductions, and collections involving key government institutions and service providers. Their objective is to ensure that all revenues due to the Federation Account are properly accounted for. The committee noted that the CBN had failed to remit VAT accruing from fees generated through Remita transactions, prompting lawmakers to direct the apex bank to pay the outstanding amount.

“

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 ₦521,765,134.17 had been paid into government coffers.

In a statement issued on Sunday, Salam confirmed that the CBN has remitted the outstanding VAT liability. The central bank provided documentary evidence confirming the payment of ₦521,765,134.17 into government coffers via a letter dated May 7, 2026. Salam hailed this achievement as a validation of the National Assembly's oversight responsibilities and its commitment to safeguarding public funds. He reaffirmed the committee's resolve to pursue all outstanding amounts owed to the Federal Government, indicating that the investigation will continue.

“

The recovery demonstrates the effectiveness of legislative oversight in safeguarding public resources and ensuring accountability in the management of government revenue.