Reps Committee Recovers ₦521m VAT From CBN

The House of Representatives Public Accounts Committee has recovered more than ₦521 million in unpaid VAT linked to government transactions.

The House of Representatives Public Accounts Committee has recovered ₦521.77 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN) as part of its ongoing investigation into alleged revenue leakages associated with the Remita platform.

According to the committee, the recovered funds relate to VAT deductions on fees generated from Remita transactions between November 2018 and April 2024 that were not transferred to the Federal Government. The recovery followed a detailed review of government collections, remittances and deductions processed through the payment platform.

The investigation began after lawmakers raised concerns about possible revenue leakages, non-compliance with financial procedures and breaches of agreements governing government revenue collections. Acting on a House resolution, the committee launched an extensive examination of transactions conducted through the platform.

Chairman of the committee, Bamidele Salam, said the CBN had officially confirmed compliance with the directive to remit the outstanding amount. In a letter dated May 7, 2026, the apex bank reportedly provided evidence showing that ₦521,765,134.17 had been paid into government accounts.

Salam described the recovery as a major achievement and evidence of the effectiveness of legislative oversight in protecting public resources. He reaffirmed the committee’s commitment to recovering all funds owed to the government and ensuring greater accountability in public finance management.

Beyond the recovered VAT, the committee disclosed that several other financial obligations involving the Central Bank of Nigeria remain under review. These include unrefunded charges of ₦954.3 million and accumulated interest of ₦2.33 billion, bringing that category to ₦3.28 billion.

The committee is also pursuing the recovery of Treasury Single Account (TSA) collections valued at ₦8.99 billion, with additional interest estimated at ₦20.73 billion. Combined, the outstanding liabilities currently under reconciliation exceed ₦33 billion.

The committee said further hearings will continue as efforts intensify to recover outstanding funds and strengthen transparency across government revenue systems.

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