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Torkwase Nyiekaa
The House of Representatives Public Accounts Committee (PAC) has recovered ₦521,765,134.17 in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN), marking another milestone in the National Assembly’s ongoing effort to plug revenue leakages and strengthen accountability in the management of public funds.
The recovery followed an extensive investigation by the committee into transactions processed through the Remita platform and compliance with revenue remittance obligations to the Federal Government.
The probe was initiated pursuant to a resolution of the House of Representatives following the adoption of a motion titled “Investigation of Revenue Leakages Through Remita Platform and Non-Compliance Substantively with Standard Operating Procedure and Other Allied Service Level Agreement.” The House subsequently mandated the Public Accounts Committee to investigate the matter and recover any outstanding funds due to the government.
Under the leadership of the committee’s chairman, Rep. Bamidele Salam, the panel has undertaken a comprehensive review of transactions, remittances and related financial obligations connected to the Remita platform, with a focus on identifying revenue leakages, enforcing compliance and recovering public funds.
According to findings by the committee, the CBN 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.
Following the discovery, the committee directed the apex bank to remit the outstanding amount into the Federal Government Treasury and provide evidence of compliance.
In a letter dated May 7, 2026, the Central Bank informed the committee that it had complied with the directive and subsequently submitted evidence confirming the remittance of the full amount to government coffers.
The recovery is one of several outcomes recorded by the committee since the commencement of its investigation into revenue leakages linked to electronic payment collections and remittances.
Speaking on the development, Chairman of the Committee, Rep. Salam, said the recovery underscores the importance of legislative oversight in protecting public resources and ensuring financial accountability across government institutions.
“The recovery demonstrates the effectiveness of legislative oversight in safeguarding public resources and ensuring accountability in the management of government revenue,” he said.
Salam reaffirmed the committee’s determination to pursue all outstanding liabilities owed to the Federal Government and close loopholes that enable revenue leakages.
He stated that the committee remains committed to recovering every kobo due to the treasury and ensuring that agencies entrusted with public funds adhere strictly to established financial regulations.
Beyond the recovered VAT, the committee disclosed that its engagement with the Central Bank remains ongoing, particularly regarding the reconciliation and recovery of other outstanding liabilities identified during the investigation.
Among these are unrefunded charges amounting to ₦954.3 million and accrued interest of ₦2.33 billion, bringing the total recoverable amount under that category to approximately ₦3.28 billion for the period between March 1 and October 31, 2015.
The committee is also pursuing the recovery of unrefunded Treasury Single Account (TSA) collections valued at ₦8.99 billion, with accrued interest estimated at ₦20.73 billion. Together, the outstanding liability under that category stands at about ₦29.72 billion.
The Public Accounts Committee indicated that additional sums may still be recovered as investigations continue and reconciliation processes are concluded.
The latest recovery comes amid increasing scrutiny of government revenue collection systems and renewed efforts by the National Assembly to strengthen fiscal discipline, improve transparency and ensure that revenues generated through public platforms are fully accounted for and remitted to the appropriate government accounts.
The committee is expected to continue hearings on the matter on Monday, June 8, 2026, at the National Assembly Complex in Abuja, where further submissions and reconciliations relating to outstanding liabilities will be considered.
Observers say the outcome of the investigation could have significant implications for public financial management reforms, particularly as government seeks to maximise revenue generation and curb losses arising from administrative lapses and non-compliance with statutory obligations.
