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By Tracy Moses
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) after uncovering revenue gaps during an ongoing investigation into transactions processed through the Remita platform.
The recovery forms part of a broader inquiry by the committee into alleged revenue leakages and non-compliance with established financial procedures governing government collections and remittances.
The investigation was launched following a resolution of the House of Representatives arising from 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 Public Accounts Committee to scrutinise the transactions and recover outstanding funds due to the Federal Government.
Led by its Chairman, Rep. Bamidele Salam, the committee has been examining remittances associated with the Remita payment platform to identify gaps in revenue collection, enforce compliance and strengthen accountability in public financial management.
According to findings by the committee, the CBN failed to remit VAT amounting to ₦521,765,134.17, representing the tax component on fees earned from Remita transactions between November 2018 and April 2024.
Upon discovering the shortfall, the committee directed the apex bank to pay the outstanding amount into the Federal Government Treasury and provide evidence of compliance.
In a letter dated May 7, 2026, the Central Bank informed the committee that it had complied with the directive and subsequently submitted proof showing that the full amount had been remitted to government coffers.
The recovery is one of several outcomes recorded since the committee commenced its investigation into revenue leakages linked to government payment systems and electronic collections.
Commenting on the development, Salam said the recovery highlights the significance of parliamentary oversight in safeguarding public resources and ensuring transparency in government financial operations.
“The recovery demonstrates the effectiveness of legislative oversight in safeguarding public resources and ensuring accountability in the management of government revenue,” he said.
The lawmaker reiterated the committee’s resolve to pursue all outstanding liabilities owed to the Federal Government and to close loopholes that undermine efficient revenue collection.
According to him, the committee remains committed to ensuring that all agencies and institutions handling public funds comply with statutory obligations and remit revenues due to the treasury.
Beyond the recovered VAT, the committee disclosed that discussions with the CBN remain ongoing over additional liabilities identified during the investigation.
Among the outstanding claims are unrefunded charges amounting to ₦954.3 million and accrued interest of ₦2.33 billion, bringing the total recoverable amount under that category to approximately ₦3.28 billion for the period between March 1 and October 31, 2015.
The committee is also pursuing the recovery of unrefunded Treasury Single Account (TSA) collections valued at ₦8.99 billion, alongside accrued interest estimated at ₦20.73 billion. Together, the outstanding liability under that category stands at about ₦29.72 billion.
PAC noted that reconciliation efforts are continuing and that further recoveries may be made as the investigation progresses.
The latest development comes at a time when the National Assembly is intensifying oversight of revenue-generating agencies and public institutions as part of wider efforts to improve fiscal accountability, curb leakages and enhance government revenue.
Analysts say such recoveries are increasingly important given the country’s fiscal challenges and the need to maximise available resources for infrastructure, social services and economic development.
The committee is expected to continue hearings on the matter on Monday, June 8, 2026, at the National Assembly Complex in Abuja, where additional submissions and reconciliations relating to the outstanding liabilities will be reviewed.