In an update published by The Punch, the House of Representatives Public Accounts Committee announced it has successfully recovered N521.77 million in unremitted Value Added Tax (VAT) directly from the Central Bank of Nigeria (CBN). The recovered funds represent outstanding VAT deductions accumulated on government revenue collection fees processed via the Remita electronic payment platform between November 2018 and April 2024. The apex bank officially confirmed compliance by submitting documentary proof of payment into the Federal Government Treasury following rigorous legislative interrogations.
The financial recovery stems from an expansive legislative investigation launched by the green chamber into systemic revenue leakages, breaches of service-level agreements, and flouted standard operating procedures across public institutions. Committee Chairman Bamidele Salam emphasized that this recovery is merely the initial phase of a broader clean-up operation, as lawmakers continue to grill the apex bank over other unresolved liabilities. These include N3.28 billion in unrefunded charges and an estimated N29.72 billion tied to legacy Treasury Single Account (TSA) collections and accrued interest.
An independent tracking report by Vanguard details the legislative momentum, noting that “the Public Accounts Committee is systematically closing multi-billion naira loopholes that have historically drained the federation account under the guise of processing fees.” Additional coverage from Daily Post Nigeria confirms the ongoing scrutiny, stating that “lawmakers are scheduled to resume intense reconciliation hearings this week to resolve the massive remaining balance of disputed funds still held within the banking sector.”
Echotitbits take: This successful financial recovery highlights a tightening loop of legislative oversight on state institutions amid pressing federal revenue shortfalls. By forcing the central bank to account for missing tax deductions, the National Assembly is signaling zero tolerance for institutional fiscal indiscipline, which will likely force other revenue-generating agencies to swiftly audit their internal Remita and TSA compliance frameworks.
Source: The Guardian – https://guardian.ng/news/reps-panel-recovers-n521m-unremitted-vat-from-cbn-2/, June 8, 2026
Photo credit: The Guardian
