CBN Remitted N521.76m Withheld VAT Revenue After Reps’ Intervention – Committee

The House of Representatives Public Accounts Committee (PAC) said the Central Bank of Nigeria (CBN) has remitted N521.76 million in Value Added Tax (VAT) that it had previously withheld, following the committee’s probe and intervention, as part of its ongoing investigation into revenue leakages and outstanding funds due to the federal government.

The PAC, chaired by Hon. Bamidele Salam, said it uncovered the unpaid VAT during an investigation into “Revenue Leakages Through Remita Platform and Non‑Compliance Substantively with Standard Operating Procedure and Other Allied Service Level Agreement.”

The unpaid amount represented the tax component on fees earned from Remita transactions.

The committee said it ordered the CBN to remit the outstanding VAT to the federal government and to provide proof 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, the committee’s chairman, Salam, noted that the recovery demonstrated 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 to plugging 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 N954,302,576.67 and accrued interest of N2,329,027,728.92, bringing the total recoverable sum under that category to N3,283,330,305.59 for the period between March 1, 2015 and October 31, 2015.

PAC 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.