By Mercy Aikoye
The House of Representatives Public Accounts Committee (PAC) has recovered ₦521,765,134.17 from the Central Bank of Nigeria (CBN) as unremitted Value Added Tax (VAT) deducted from Remita transaction fees.
The recovery forms part of the Committee’s ongoing investigation into revenue leakages and non-compliance with statutory financial obligations by government agencies and institutions.
The probe was initiated following a resolution of the House of Representatives mandating the Committee to investigate alleged leakages associated with the Remita payment platform. The Committee, chaired by Rep. Bamidele Salam, subsequently uncovered the failure of the CBN to remit VAT collected on Remita transaction fees between November 2018 and April 2024.
Following its findings, the Committee directed the apex bank to remit the outstanding amount into the Federation Account.
In a letter dated May 7, 2026, the CBN confirmed compliance with the directive and provided evidence showing that the sum of ₦521,765,134.17 had been paid into government coffers.
Commenting on the development, Rep. Salam said the recovery underscores the importance of legislative oversight in safeguarding public resources and ensuring accountability in public finance management.
“The recovery of these funds demonstrates that diligent legislative oversight can yield tangible results in protecting public resources and enforcing compliance with financial regulations,” Salam said.
“We remain committed to ensuring that every kobo owed to the Federal Government is accounted for and recovered in line with our constitutional mandate,” he added.
The Committee disclosed that its engagement with the CBN remains ongoing, noting that another ₦954.3 million in unrefunded charges is currently being reconciled. It added that accrued interest on the amount for the period between March and October 2015 stands at approximately ₦2.3 billion.
PAC further revealed that it is pursuing the recovery of ₦8.9 billion in unrefunded Treasury Single Account (TSA) collections, with accumulated interest estimated at ₦20.7 billion, bringing the total outstanding TSA-related liability under review to about ₦29.7 billion.
Hon. Salam reiterated the Committee’s commitment to plugging revenue leakages across Ministries, Departments and Agencies (MDAs), assuring that all outstanding liabilities owed to the Federal Government would be recovered.
The Committee is expected to continue its hearing on the matter on Monday, June 8, 2026, at the National Assembly Complex in Abuja, with further recoveries anticipated as the investigation progresses.
