The House of Representatives Public Accounts Committee (PAC) has recovered N521.76 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN) as part of its ongoing probe into revenue leakages and outstanding funds owed to the federal government.
The recovery followed an investigation into “Revenue Leakages Through Remita Platform and Non-Compliance Substantively with Standard Operating Procedure and Other Allied Service Level Agreement,” conducted by the committee.
The committee, chaired by Hon. Bamidele Salam, examined transactions and remittances linked to the Remita platform with the aim of identifying leakages, enforcing compliance and recovering all outstanding revenues due to the federal government.
As part of its findings, the panel discovered that the CBN failed to remit VAT amounting to N521,765,134.17, representing tax components on fees earned from Remita transactions.
Following the discovery, the committee directed the apex bank to remit the outstanding sum into the federal government treasury and provide evidence of compliance.
According to the PAC findings, the unremitted VAT accrued between November 2018 and April 2024.
In a letter dated May 7, 2026, the Central Bank of Nigeria confirmed compliance with the directive, stating that the total sum of N521,765,134.17 had been remitted to the federal government.
Reacting to the development, the committee chairman, Hon. Salam, said the recovery underscored the effectiveness of legislative oversight in safeguarding public resources and strengthening accountability in revenue management.
He reaffirmed the committee’s commitment to recovering all outstanding funds owed to the federal government and blocking further avenues of revenue leakage across public institutions.
The committee also disclosed that engagement with the CBN is still ongoing over other outstanding liabilities, including unrefunded charges amounting to N954.30 million and accrued interest of N2.32 billion, bringing the total recoverable sum in that category to N3.28 billion for the period between March 1 and October 31, 2015.
It further noted that it is pursuing the recovery of unrefunded Treasury Single Account (TSA) collections amounting to N8.99 billion, alongside accrued interest of N20.72 billion, bringing the total liability under that category to N29.72 billion.
The committee said it will continue its hearing on the matter on Monday, June 8, 2026, at the National Assembly Complex, Abuja.