The House of Representatives Public Accounts Committee has successfully recovered ₦521.77 million in unremitted Value Added Tax from the Central Bank of Nigeria. This recovery is a significant outcome of an ongoing investigation into revenue leakages associated with government collections processed through the Remita platform.
The recovered sum specifically pertains to VAT deductions on fees generated from Remita transactions that were not remitted to the Federal Government. This period spans from November 2018 to April 2024.
This recovery emerged from a comprehensive investigation initiated by the House of Representatives due to concerns over alleged revenue leakages, non-compliance with financial procedures, and breaches of service-level agreements governing government revenue collections.
The investigation was mandated by a House resolution, directing the Public Accounts Committee to scrutinize transactions conducted via the Remita payment platform. The committee, chaired by Bamidele Salam, has been meticulously examining remittance records, deductions, and collections involving key government institutions and service providers.
The Central Bank of Nigeria initially failed to remit the VAT accruing from fees generated through Remita transactions. Lawmakers subsequently directed the CBN to remit the outstanding amount to the Federal Government Treasury.
Confirmation of compliance was received from the CBN. In a letter dated May 7, 2026, the Central Bank informed the committee that the outstanding VAT liability had been remitted. Documentary evidence showed that the sum of ₦521,765,134.17 was paid into government coffers.
Bamidele Salam described the recovery as a validation of the National Assembly’s oversight responsibility and its commitment to safeguarding public funds. He emphasized the effectiveness of legislative oversight in ensuring accountability in government revenue management.
Salam reaffirmed the committee’s dedication to recovering all funds owed to the Federal Government and plugging revenue leakage avenues across public institutions. The investigation will continue until all identified liabilities are recovered.
Beyond this VAT recovery, the committee disclosed that several other outstanding financial obligations involving the CBN are under review. These include unrefunded charges totaling ₦954.3 million, with accrued interest of ₦2.33 billion, bringing the total under this heading to ₦3.28 billion for transactions between March and October 2015.
Additionally, the committee is pursuing the recovery of Treasury Single Account collections amounting to ₦8.99 billion, with estimated accumulated interest of ₦20.73 billion, making the total outstanding liability under this category ₦29.72 billion. Combined, the liabilities currently being reconciled and pursued by the committee exceed ₦33 billion.
The Remita platform is a critical component of Nigeria’s public finance system, serving as a major payment gateway for government revenue and TSA collections. The current investigation forms part of broader efforts by the House of Representatives to enhance accountability in public finance management, addressing concerns about revenue shortfalls and maximizing government earnings.
The Public Accounts Committee's engagement with the CBN is ongoing, with future hearings focusing on reconciling disputed figures and determining the full extent of outstanding obligations. Proceedings are scheduled to resume on Monday, June 8, at the National Assembly Complex in Abuja, where officials are expected to provide further clarifications.
For the House committee, this recovery is viewed as another step in a wider effort to ensure that all revenues generated on behalf of the Nigerian state are fully accounted for and returned to the public treasury.
