Reps Panel Recovers N521.M Remitted VAT from CBN Over Remita Transactions
By Morris Nor// The House of Representatives Public Accounts Committee has recovered ₦521.8 million in unremitted Value Added Tax from the Central Bank of Nigeria.
The recovery followed an investigation into revenue leakages linked to transactions conducted through the Remita platform and compliance with financial regulations under the Treasury Single Account system.
Chairman of the committee, Bamidele Salam, said the panel’s review of transactions and remittances uncovered liabilities owed to the Federal Government.
According to the committee, the CBN failed to remit ₦521,765,134.17, representing VAT on fees earned from Remita transactions between November 2018 and April 2024.
Following the discovery, the committee directed the apex bank to remit the outstanding amount into the Federal Government Treasury and provide evidence of compliance.
In a letter dated May 7, 2026, the CBN reportedly confirmed that it had complied with the directive and submitted documents showing that the money had been remitted.
Salam described the recovery as proof that legislative oversight can help safeguard public funds and strengthen accountability in revenue management.
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