The House of Representatives Public Accounts Committee (PAC) says it has recovered ₦521.8 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN) as part of its ongoing probe into revenue leakages linked to transactions conducted through the Remita platform.
The committee disclosed that the recovered sum represented VAT deductions on fees earned from Remita transactions that were not remitted to the federal government between November 2018 and April 2024.
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The recovery followed an investigation launched by the committee after the House mandated it to probe alleged revenue leakages, non-compliance with standard operating procedures, and breaches of service-level agreements associated with the Remita payment platform.
The investigation stems from a House resolution adopted following a motion on alleged revenue leakages through the Remita platform.
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The lawmakers subsequently directed the Public Accounts Committee to examine the transactions, establish compliance levels, and recover any funds found to be owed to the federal government.
Chairman of the committee, Bamidele Salam, in a statement on Sunday, said the findings emerged from an extensive review of transactions and remittances connected to the platform.
According to the committee, the CBN was directed to remit the outstanding VAT liability of ₦521,765,134.17 into the Federal Government Treasury and provide evidence of compliance.
In a correspondence dated 7 May, the bank reportedly informed the committee that it had complied with the directive and submitted proof that the amount had been paid into government coffers.
Mr Salam described the recovery as evidence of the importance of legislative oversight in ensuring accountability and protecting public resources.
He said the committee “remains committed to identifying and recovering all outstanding revenues due to the federal government from public institutions and service providers.”
The VAT recovery is one of several outcomes of the committee’s ongoing investigation into the Remita platform, which has already uncovered additional liabilities running into billions of naira.
According to the committee, discussions with the CBN are continuing over the recovery of ₦954.3 million in unrefunded charges and accrued interest of ₦2.33 billion, bringing the total amount being sought under that category to ₦3.28 billion.
The disputed funds relate to transactions conducted between 1 March and 31 October 2015.
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The committee is also seeking the recovery of ₦8.99 billion in unrefunded Treasury Single Account (TSA) collections. With accrued interest of ₦20.73 billion, the total outstanding liability under that category stands at ₦29.72 billion.
Combined with the other disputed claims, the committee is pursuing the recovery of more than ₦33 billion from the CBN and other entities connected to the transactions under investigation.
The House panel said its probe remains ongoing and is expected to continue with another hearing scheduled for Monday, 8 June at the National Assembly Complex in Abuja.
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