By Gift Chapi Odekina, Abuja
ABUJA — The House of Representatives Public Accounts Committee (PAC) has recovered ₦521,765,134.17 in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN) following its ongoing investigation into alleged revenue leakages and outstanding liabilities owed to the Federal Government.
The recovery is part of an inquiry initiated by the House following 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 House subsequently mandated the committee, chaired by Rep. Bamidele Salam, to probe the issue and recover all outstanding public funds.
According to the committee, the investigation focused on transactions linked to the Remita payment platform, with emphasis on identifying revenue leakages and enforcing compliance with established financial procedures.
The committee said its findings showed that the Central Bank of Nigeria failed to remit VAT amounting to ₦521,765,134.17, representing tax on fees earned from Remita transactions between November 2018 and April 2024.
Following the findings, the committee directed the apex bank to remit the outstanding sum into the Federal Government treasury and provide evidence of compliance.
In a response dated May 7, 2026, the CBN reportedly confirmed compliance and provided evidence showing that the amount had been paid into the Federation Account.
Rep. Salam described the recovery as an example of effective legislative oversight in safeguarding public resources and improving accountability in government revenue management.
He reaffirmed the committee’s commitment to recovering all outstanding funds and addressing systemic loopholes responsible for revenue leakages across public institutions.
The committee also disclosed that engagement with the CBN is ongoing over additional outstanding liabilities, including disputed charges and other recoverable funds under review.
It added that further hearings on the matter are scheduled to continue at the National Assembly Complex in Abuja on Monday, June 8, 2026.
