The House of Representatives Public Accounts Committee has recovered ₦521.77m in unremitted Value Added Tax from the Central Bank of Nigeria, marking a significant breakthrough in an ongoing investigation into revenue leakages linked to government collections processed through the Remita platform.

The recovered sum represents VAT deductions on fees earned from Remita transactions that were not remitted to the Federal Government over a period spanning November 2018 to April 2024.

The recovery emerged from a far-reaching investigation launched by the House of Representatives following concerns over alleged revenue leakages, non-compliance with approved financial procedures, and breaches of service-level agreements governing government revenue collections.

The investigation was initiated pursuant to a House resolution on a motion titled “Investigation of Revenue Leakages Through Remita Platform and Non-Compliance Substantively with Standard Operating Procedure and Other Allied Service Level Agreement,” which mandated the Public Accounts Committee to scrutinise transactions conducted through the payment platform.

Since then, the committee, chaired by Osun lawmaker, Bamidele Salam, has been examining records of remittances, deductions and collections involving key government institutions and service providers to determine whether all revenues due to the Federation Account were properly accounted for.

The committee noted, “The apex bank failed to remit VAT accruing from fees generated through Remita transactions, prompting lawmakers to direct the CBN to pay the outstanding amount into the Federal Government Treasury.”

The committee subsequently received confirmation of compliance from the CBN.

In a statement issued by the media unit of the Committee on Sunday, Salam said the apex bank has written to confirm that the amount has been remitted to the Federal Government’s coffers.

“In a letter dated May 7, 2026, the Central Bank informed the committee that it had remitted the outstanding VAT liability and provided documentary evidence showing that the sum of ₦521,765,134.17 had been paid into government coffers,” the letter read in part.

Salam described the feat as a validation of the National Assembly’s oversight responsibility and its determination to protect public funds.

“The recovery demonstrates the effectiveness of legislative oversight in safeguarding public resources and ensuring accountability in the management of government revenue,” the Accord Party lawmaker said.

He reaffirmed the committee’s resolve to pursue every kobo owed to the Federal Government, stressing that the investigation would continue until all identified liabilities were recovered.

“We remain committed to recovering all funds due to the Federal Government and plugging avenues of revenue leakage across public institutions,” he stated.

Beyond the VAT recovery, the committee disclosed that several other outstanding financial obligations involving the CBN remain under review.

According to PAC, one category involves unrefunded charges valued at ₦954.3m, alongside accrued interest of ₦2.33bn, bringing the total amount being pursued under that heading to ₦3.28bn for transactions conducted between March and October 2015.

The committee is also seeking the recovery of Treasury Single Account collections amounting to ₦8.99bn, with accumulated interest estimated at ₦20.73bn. Combined, the outstanding liability under that category stands at ₦29.72bn.

Taken together, the liabilities currently being reconciled and pursued by the committee exceed ₦33bn.

The Remita platform plays a central role in Nigeria’s public finance architecture, serving as a major payment gateway for government revenue and Treasury Single Account collections. Over the years, questions have periodically arisen over deductions, commissions, remittances and compliance with contractual obligations by institutions involved in managing government receipts.

The current investigation is part of broader efforts by the House of Representatives to strengthen accountability in public finance management amid growing concerns about revenue shortfalls and the need to maximise government earnings.

The Public Accounts Committee further disclosed that its engagement with the Central Bank is continuing and that further hearings will focus on reconciling disputed figures and determining the full extent of outstanding obligations.

The committee is scheduled to resume proceedings on the matter on Monday, June 8, at the National Assembly Complex in Abuja, where officials are expected to provide additional clarifications on unresolved liabilities and recovery efforts.

For the House committee, the latest recovery is being presented not as the end of the process but as another step in a wider effort to ensure that revenues generated on behalf of the Nigerian state are fully accounted for and returned to the public treasury. (The PUNCH)

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