The House of Representatives Public Accounts Committee (PAC), at the weekend , said it has recovered ₦521,765,134.17 unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN).
The chairman of the committee, Bamidele Salam, said the recovery demonstrates the effectiveness of legislative oversight in safeguarding public resources and ensuring accountability in the management of government revenue.
Salam noted that PAC is committed to recovering all funds due to the Federal Government and blocking revenue leakage across public institutions.
The House recently adopted a motion calling for “Investigation of Revenue Leakages Through Remita Platform and Non-Compliance Substantively with Standard Operating Procedure and Other Allied Service Level Agreement” and mandated PAC to undertake the exercise.
The committee noted that in the course of its investigation, it discovered that the CBN had failed to remit VAT amounting to ₦521,765,134.17 representing the tax component on fees earned from Remita transactions between November 2018 and April 2024.
Consequently, it directed the apex bank to remit the outstanding amount into the Federal Government Treasury and submit evidence of compliance.
The CBN, in a letter dated May 7, 2026, informed the Committee that it had complied with the directive and provided evidence showing that the sum of ₦521,765,134.17 had been remitted to the Federal Government.
Nonetheless, the panel noted that that its engagement with the CBN is ongoing, particularly on the reconciliation and recovery of other outstanding liabilities.
These include unrefunded charges amounting to ₦954,302,576.67 and accrued interest of ₦2,329,027,728.92, bringing the total recoverable sum under that category to ₦3,283,330,305.59 for the period between March 1, 2015 and October 31, 2015.
Furthermore, the committee is pursuing the recovery of un-refunded Treasury Single Account (TSA) collections amounting to ₦8,993,551,555.94, with accrued interest of ₦20,727,241,152.04, bringing the total outstanding liability under that category to ₦29,720,792,707.98 among others.
