Advertisement

Reps Recover ₦521m VAT from CBN in Revenue Probe

The House of Representatives Public Accounts Committee has recovered ₦521.77m in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN), marking a breakthrough in its probe into revenue leakages linked to government collections via the Remita platform.

The VAT deductions covered fees earned from Remita transactions between November 2018 and April 2024, which lawmakers said were not remitted to the Federal Government.

“The recovery demonstrates the effectiveness of legislative oversight in safeguarding public resources and ensuring accountability in the management of government revenue,” Committee chairman Bamidele Salam explained.

The CBN confirmed compliance in a letter dated May 7, 2026, stating that the outstanding VAT liability had been paid into government coffers, with documentary evidence provided.

Beyond VAT, the committee disclosed other outstanding obligations under review, including ₦954.3m in unrefunded charges plus ₦2.33bn interest, totaling ₦3.28bn, and ₦8.99bn in Treasury Single Account collections with ₦20.73bn interest, bringing liabilities to over ₦33bn.

Lawmakers stressed that the investigation, launched under a House resolution on revenue leakages, would continue until all liabilities are recovered.

“We remain committed to recovering all funds due to the Federal Government and plugging avenues of revenue leakage across public institutions,” Salam reaffirmed.

The committee noted that the Remita platform, central to Nigeria’s public finance system, has faced recurring questions over deductions, commissions, and compliance with service-level agreements.

Proceedings are scheduled to resume at the National Assembly Complex on June 8, where officials will provide clarifications on unresolved liabilities and recovery efforts.