The House of Representatives Public Accounts Committee (PAC) has successfully retrieved N521.8 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN). This recovery stems from an ongoing investigation into revenue losses tied to transactions processed via the Remita platform.
The committee’s probe focused on remittance practices and compliance with Treasury Single Account (TSA) guidelines among government agencies. Following a House resolution, the investigation targeted allegations of revenue leakages through Remita and non-adherence to operational protocols.
Bamidele Salam, the committee chairman, stated that a review of transaction records and remittance flows uncovered outstanding obligations to the Federal Government. Specifically, the CBN failed to remit N521,765,134.17 in VAT, which represented tax deductions from Remita transaction fees collected between November 2018 and April 2024.
In response, the committee ordered the central bank to transfer the overdue amount to the government’s treasury and provide proof of payment. On May 7, 2026, the CBN confirmed compliance via a letter, attaching documentation verifying the remittance of the N521.8 million.
Salam hailed the recovery as a major achievement for the committee’s oversight role, emphasizing that legislative scrutiny is vital for ensuring transparency, accountability, and prudent management of public funds. He reaffirmed the committee’s dedication to enforcing financial regulations and securing full revenue remittances from all government entities.