THE House of Representatives Public Accounts Committee (PAC) has recovered N521.8 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria as part of its ongoing investigation into alleged revenue leakages associated with transactions conducted through the Remita platform.
News Point Nigeria reports that the committee said the recovery followed an extensive probe into revenue remittances and compliance with financial regulations by agencies involved in the operation of the Treasury Single Account (TSA) system.
According to the panel, the investigation was initiated following a resolution of the House of Representatives after lawmakers adopted a motion calling for a probe into alleged revenue leakages through the Remita platform, as well as claims of non-compliance with standard operating procedures and service-level agreements.
Chairman of the committee, Bamidele Salam, said the panel’s review of transactions and remittances linked to the Remita platform uncovered financial liabilities owed to the Federal Government.
The committee disclosed that its investigation revealed that the Central Bank of Nigeria failed to remit VAT amounting to N521,765,134.17.
According to the committee, the amount represents the tax component on fees earned from Remita transactions processed between November 2018 and April 2024.
Following the discovery, the committee directed the apex bank to remit the outstanding amount into the Federal Government Treasury and provide documentary evidence confirming compliance with the directive.
The committee stated that the Central Bank subsequently complied with its directive.
In a letter dated May 7, 2026, the apex bank informed the committee that it had remitted the outstanding VAT liability and submitted documents to confirm payment.
According to the committee, the CBN provided evidence showing that the N521.8 million had been successfully paid into the Federal Government’s treasury account.
Reacting to the recovery, Salam described the development as further proof of the effectiveness of legislative oversight in protecting public funds and promoting accountability in the management of government revenues.
He said the successful recovery demonstrated the importance of parliamentary scrutiny in identifying and addressing revenue leakages across public institutions.
The lawmaker reiterated the committee’s determination to recover all outstanding funds due to the Federal Government and ensure that loopholes enabling revenue leakages are permanently blocked.
Despite the latest recovery, the committee said its engagement with the Central Bank remains ongoing, particularly in relation to the reconciliation and recovery of other outstanding liabilities identified during the investigation.
Among the amounts currently being pursued are unrefunded charges totaling N954.3 million, alongside accrued interest of N2.33 billion.
The committee said the combined recoverable amount under that category stands at N3.28 billion and relates to transactions conducted between March 1 and October 31, 2015.
The panel is also seeking the recovery of unrefunded Treasury Single Account collections amounting to N8.99 billion.
When accrued interest of N20.73 billion is added, the total outstanding liability in that category rises to N29.72 billion.
The Public Accounts Committee said its investigation is far from over and that efforts to recover additional funds on behalf of the Federal Government will continue.
According to the committee, hearings on the matter are scheduled to resume on Monday, June 8, 2026, at the National Assembly Complex in Abuja.
The panel said it would intensify its scrutiny of the transactions under review as it continues its drive to recover outstanding public funds and strengthen accountability within the Treasury Single Account system.
The latest recovery, the committee noted, underscores its broader commitment to ensuring that all revenues due to the Federal Government are fully accounted for and properly remitted.