The recovery, it explained, is one of the outcomes of a comprehensive investigation initiated following a House of Representatives resolution on a motion titled “Investigation of Revenue Leakages
Through the Remita Platform and Non-Compliance Substantively with Standard Operating Procedure and Other Allied Service Level Agreement and subsequently mandated the Public Accounts Committee to investigate the matter.The Committee said it undertook an extensive examination of transactions and remittances connected to the Remita platform, with a view to identifying revenue leakages, enforcing compliance, and recovering all outstanding funds due to the Federal Government.
The Committee said it found that the CBN had failed to remit VAT amounting to N521,765,134.17, representing the tax component on fees earned from Remita transactions.
The Committee subsequently directed the apex bank to remit the outstanding amount into the Federal Government Treasury and submit evidence of compliance.
According to the PAC’s findings, the unremitted VAT accrued between November 2018 and April 2024.
In a letter dated May 7, 2026, the Central Bank of Nigeria informed the Committee that it had complied with the directive and provided evidence showing that the sum of N521,765,134.17 had been remitted to the Federal Government.
Speaking on the development, Bamidele Salam, chairman of the committee, noted that the recovery demonstrates the effectiveness of legislative oversight in safeguarding public resources and ensuring accountability in the management of government revenue.
He reiterated the Committee’s commitment to recovering all funds due to the Federal Government and plugging avenues of revenue leakage across public institutions.
The Committee disclosed that its engagement with the CBN is ongoing, particularly on the reconciliation and recovery of other outstanding liabilities.
These include unrefunded charges amounting to N954.3 million and accrued interest of N2.3m bringing the total recoverable sum under that category to N3.38m for the period between March 1, 2015 and October 31, 2015.
The committee said it is also pursuing the recovery of unrefunded Treasury Single Account (TSA) collections amounting to N8,993,551,555.94, with accrued interest of N20,727,241,152.04, bringing the total outstanding liability under that category to N29,720,792,707.98 and other amounts yet to be recovered on behalf of the Federal Government.
The Public Accounts Committee is scheduled to continue its hearing on the matter on Monday, June 8, 2026, at the National Assembly Complex, Abuja.
