CBN unremitted VAT recovery sees lawmakers recover ₦521.77m as the House probe into Remita-linked revenue leakages continues
The House of Representatives Public Accounts Committee, chaired by Bamidele Salam, has recovered ₦521.77 million in unremitted Value Added Tax from the Central Bank of Nigeria as part of an ongoing investigation into alleged revenue leakages associated with transactions processed through the Remita payment platform.
Also read: CBN issues tough foreign exchange penalty boost
The recovered amount represents VAT deductions on fees generated from Remita transactions between November 2018 and April 2024 that were not remitted to the Federal Government.
The recovery followed a comprehensive investigation launched by the House of Representatives after concerns emerged over possible revenue leakages, breaches of service-level agreements and non-compliance with approved financial procedures governing government revenue collections.
The probe originated from a House resolution adopting a motion titled “Investigation of Revenue Leakages Through Remita Platform and Non-Compliance Substantively with Standard Operating Procedure and Other Allied Service Level Agreement.”
Under the resolution, the Public Accounts Committee was mandated to scrutinise transactions processed through the platform and determine whether all revenues due to the Federation Account had been properly accounted for.
According to findings by the committee, the apex bank failed to remit VAT accruing from fees earned on Remita transactions, prompting lawmakers to direct the institution to settle the outstanding liability.
The CBN subsequently complied with the directive and formally notified the committee of the payment.
According to a statement issued on Sunday by the committee’s media unit, the apex bank submitted documentary evidence confirming that the outstanding amount had been remitted to government coffers.
“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,” the statement said.
Salam described the CBN Unremitted VAT Recovery as a significant milestone and evidence of the effectiveness of parliamentary oversight in protecting public resources.
“The recovery demonstrates the effectiveness of legislative oversight in safeguarding public resources and ensuring accountability in the management of government revenue,” Salam said.
The lawmaker reaffirmed the committee’s determination to recover all funds owed to the Federal Government and close loopholes that enable revenue leakages across public institutions.
“We remain committed to recovering all funds due to the Federal Government and plugging avenues of revenue leakage across public institutions,” he stated.
Beyond the recovered VAT, the committee disclosed that several other financial obligations involving the Central Bank remain under review.
One category involves unrefunded charges worth ₦954.3 million, together with accrued interest estimated at ₦2.33 billion, bringing the total amount under that heading to approximately ₦3.28 billion for transactions conducted between March and October 2015.
The committee is also pursuing Treasury Single Account collections valued at ₦8.99 billion, with accumulated interest estimated at ₦20.73 billion.
Combined, the outstanding liability in that category stands at approximately ₦29.72 billion.
Altogether, liabilities currently under reconciliation and recovery efforts exceed ₦33 billion, according to the committee.
The Remita platform plays a pivotal role in Nigeria’s public finance system as a key gateway for government revenue collections and Treasury Single Account transactions.
Over the years, questions have periodically arisen regarding deductions, commissions, remittances and contractual compliance among institutions involved in the management of public funds.
The current investigation forms part of broader efforts by the House of Representatives to strengthen transparency and accountability in public finance management amid increasing concerns about revenue generation and fiscal sustainability.
The committee disclosed that engagements with the Central Bank are ongoing and that additional hearings will focus on resolving disputed figures and establishing the full extent of outstanding obligations.
Proceedings on the matter are scheduled to resume on June 8 at the National Assembly Complex in Abuja, where officials are expected to provide further clarifications on unresolved liabilities and recovery efforts.
Also read: CBN unveils stronger FX manual to boost market confidence
For the Public Accounts Committee, the CBN Unremitted VAT Recovery represents a major breakthrough, but lawmakers insist it is only one step in a wider campaign to ensure that all revenues generated on behalf of the Nigerian state are fully accounted for and returned to the public treasury.
Victory Emmanuel is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
