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House committee recovers ₦521.77m VAT from CBN after investigation
The House of Representatives Public Accounts Committee has recovered ₦521.77m in unremitted Value Added Tax from the Central Bank of Nigeria. This follows an extensive investigation into revenue leakages linked to government collections processed through the Remita platform. Bamidele Salam, who chairs the committee, confirmed that the CBN has now remitted the outstanding amount to the Federal Government. The committee continues to scrutinise other financial obligations and remains committed to plugging revenue leakages.
What we know
- The committee recovered ₦521.77m in VAT deductions from the Central Bank of Nigeria that were previously unremitted.
- The VAT deductions relate to fees earned from Remita transactions over a period spanning November 2018 to April 2024.
- In a letter dated May 7, 2026, the CBN confirmed to the committee that it had remitted the outstanding VAT liability.
- The committee is also pursuing other unrefunded charges and accrued interest, with total liabilities being reconciled exceeding ₦33bn.
- Further hearings are scheduled for Monday, June 8 at the National Assembly Complex to address unresolved liabilities and recovery efforts.
