The House of Representatives Public Accounts Committee has announced the recovery of ₦521.77 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN).
The recovered funds represent VAT deductions on fees earned from Remita transactions between November 2018 and April 2024 that were not previously remitted to the Federal Government.
The investigation, launched by the House following concerns about revenue leakages and breaches of financial procedures, was led by committee chairman and Osun lawmaker, Bamidele Salam.
The committee directed the apex bank to remit the outstanding VAT, and the CBN confirmed compliance in a letter dated May 7, 2026, providing evidence of payment into government coffers.
Salam described the recovery as a validation of the National Assembly’s oversight role, stressing that legislative scrutiny remains vital to safeguarding public funds.
“The recovery demonstrates the effectiveness of oversight in ensuring accountability in government revenue management,” he said.
Beyond the VAT recovery, the committee disclosed that other outstanding liabilities involving the CBN are under review.
These include unrefunded charges of ₦954.3m with accrued interest of ₦2.33bn (totaling ₦3.28bn), and Treasury Single Account collections of ₦8.99bn with accumulated interest of ₦20.73bn, bringing the combined outstanding liability to over ₦33bn.
The committee is scheduled to resume hearings on June 8, 2026, at the National Assembly Complex in Abuja, where officials will provide further clarifications on unresolved liabilities.
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