House of Reps Recovers ₦521.7m VAT from CBN

The House of Representatives, through its Public Accounts Committee (PAC), recovered ₦521,765,134.17 in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN). This recovery stems from an investigation initiated following a resolution mandating the committee to probe alleged revenue leakage associated with the Remita payment platform.

The committee, chaired by Rep. Bamidel Salam, uncovered that the CBN failed to remit VAT collected from Remita transaction fees between November 2018 and April 2024. On May 7, 2026, the CBN confirmed compliance and provided evidence of the payment to the federal account.

Rep. Salam emphasized the importance of legislative oversight in safeguarding public resources and ensuring compliance with financial regulations. The committee is also pursuing the recovery of ₦8.9 billion in unrefunded Treasury Single Account (TSA) charges, which have accrued an estimated interest of ₦20.7 billion, bringing the total outstanding TSA-related liabilities to ₦29.7 billion.

The committee plans to continue its hearings on this matter on June 8, 2026, at the National Assembly complex in Abuja.