House of Reps Recovers N521M VAT from CBN Amid Investigation

The House of Representatives' Public Accounts Committee recovered N521.77 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 collection process via the Remita platform.

The investigation was initiated following concerns about revenue leakage and non-compliance with approved financial procedures. The committee, chaired by Osun lawmaker Bamidele Salam, scrutinized transactions conducted on the payment platform.

The CBN confirmed the remittance of the outstanding VAT liability in a letter dated May 7, 2026, providing documentary evidence of the payment. The committee emphasized its commitment to recovering all funds due to the federal government and addressing revenue leakage across public institutions.

Further hearings are scheduled for June 8, 2026, to reconcile disputed figures and determine the full extent of outstanding obligations.