The House of Representatives Public Accounts Committee has recovered N521.77 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN), following an investigation into revenue leakages linked to transactions processed through the Remita payment platform.
The recovered funds represent VAT deductions on fees generated from Remita transactions between November 2018 and April 2024 that were not remitted to the Federal Government. The probe was launched by the House over concerns about revenue leakages, non-compliance with financial procedures, and breaches of service agreements governing government revenue collections. Chairman of the committee, Bamidele Salam, disclosed that the CBN has complied with lawmakers’ directive by remitting the outstanding amount into the Federal Government Treasury. The recovery is seen as a major step in efforts to improve transparency, accountability, and revenue collection within the public sector.
