Reps Committee Recovers ₦521.77m VAT from CBN

The House of Representatives' Public Accounts Committee has successfully recovered ₦521.77 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN). This recovery is part of an ongoing investigation into revenue leakage associated with the government's collection processes via the Remita platform.

The investigation was initiated following concerns about non-compliance with approved financial procedures and breaches of service level agreements. The committee, chaired by Osun lawmaker Bamidel Salam, examined records of VAT deductions and collections, determining that the CBN failed to remit VAT accrued from fees generated through Remita transactions.

A letter from the CBN dated May 7, 2026, confirmed the remittance of ₦521,765,134.17 to the federal government. The committee emphasized its commitment to recovering all outstanding liabilities and ensuring proper management of public funds, with further hearings scheduled for June 8, 2026, to address unresolved liabilities.