House PAC Recovers ₦521 Million VAT Withheld By CBN
The House of Representatives Public Accounts Committee, PAC, says it has recovered ₦521.76million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria, CBN.
The committee said the recovery followed its ongoing investigation into revenue leakages linked to transactions on the Remita platform.
The probe was initiated after a House resolution mandating the committee to investigate alleged non-compliance with standard operating procedures and service level agreements governing the platform.
Chairman of the committee, Bamidele Salam, said the recovered sum represented VAT on fees earned from Remita transactions which the apex bank failed to remit between November 2018 and April 2024.
“As part of the ongoing exercise, the Committee discovered that the Central Bank of Nigeria (CBN) had failed to remit VAT amounting to ₦521,765,134.17 (Five Hundred and Twenty-One Million, Seven Hundred and Sixty-Five Thousand, One Hundred and Thirty-Four Naira, Seventeen Kobo Only), representing the tax component on fees earned from Remita transactions”.
He said the committee directed the CBN to remit the outstanding amount into the Federal Government Treasury and provide evidence of compliance.
According to Salam, the CBN, in a letter dated May 7, 2026, confirmed the remittance and submitted proof that the ₦521.7 million had been paid.
He said the recovery underscores the effectiveness of legislative oversight in ensuring accountability and safeguarding public funds.
The committee added that its engagement with the CBN is ongoing, particularly in reconciling other outstanding liabilities.
These include unrefunded charges of ₦954.3 million and accrued interest of ₦2.33 billion, bringing the total to ₦3.28 billion for transactions between March and October 2015.
It is also pursuing the recovery of unrefunded Treasury Single Account (TSA) collections amounting to ₦8.99 billion, with accrued interest of ₦20.73 billion, bringing the total outstanding to ₦29.72 billion.
The committee is expected to continue its hearing on the matter on June 8, 2026, at the National Assembly Complex in Abuja.
