House of Representatives Public Accounts Committee (PAC) says it has recovered over ₦521 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN).
This is part of an ongoing investigation into revenue leakages and outstanding funds owed to the federal government.
Bamidele Salam, chairman of the Committee, disclosed this while providing an update on the probe into transactions conducted through the Remita platform.
According to Salam, the investigation was initiated following a resolution of the House of Representatives to examine alleged revenue leakages, non-compliance with standard operating procedures and breaches of service level agreements linked to the Remita payment platform.
He said the committee had uncovered several outstanding liabilities and led to multiple recoveries.
Salam revealed that the committee discovered that the CBN failed to remit VAT amounting to ₦521,765,134.17, representing tax deductions on fees earned from Remita transactions.
He described the recovery as evidence of the effectiveness of legislative oversight in promoting accountability and safeguarding public resources.
The lawmaker maintained that the committee would recover all outstanding funds due to the Federal Government and blocking avenues for revenue leakages across public institutions.
It added that the CBN has been directed to remit the outstanding amount into the Federal Government Treasury and provide evidence of compliance.
The Public Accounts Committee is expected to continue its hearing on the matter on Monday, June 8, 2026, at the National Assembly in Abuja.
