Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The House of Representatives Public Accounts Committee has recorded a major breakthrough in its investigation into revenue leakages through the government’s Remita platform, recovering ₦521,765,134.17 (approximately N521.8 million) in unremitted Value Added Tax from the Central Bank of Nigeria. The recovery, announced on Sunday, June 7, 2026, follows a probe into VAT deductions on fees generated from Remita transactions between November 2018 and April 2024 that the apex bank failed to remit to the Federal Government.
The investigation was launched pursuant to a House resolution on a motion titled “Investigation of Revenue Leakages Through Remita Platform and Non-Compliance Substantively with Standard Operating Procedure and Other Allied Service Level Agreement,” which mandated the Public Accounts Committee to scrutinise transactions conducted through the payment platform. The committee, chaired by Osun lawmaker Bamidele Salam (Accord Party), has been examining records of remittances, deductions and collections involving key government institutions and service providers to determine whether all revenues due to the Federation Account were properly accounted for.
According to findings by the committee, the CBN failed to remit VAT representing the tax component on fees earned from Remita transactions over a period spanning nearly six years. The committee subsequently directed the apex bank to remit the outstanding amount into the Federal Government Treasury and provide evidence of compliance. In a significant development, the CBN, in a letter dated May 7, 2026, informed the committee that it had complied with the directive and provided documentary evidence confirming that the full sum of ₦521,765,134.17 had been paid into government coffers.
Speaking on the recovery, Chairman Bamidele Salam described the feat as a validation of the National Assembly’s oversight responsibility and its determination to protect public funds. “The recovery demonstrates the effectiveness of legislative oversight in safeguarding public resources and ensuring accountability in the management of government revenue,” Salam said. He reaffirmed the committee’s resolve to pursue every kobo owed to the Federal Government, stressing that the investigation would continue until all identified liabilities were recovered. “We remain committed to recovering all funds due to the Federal Government and plugging avenues of revenue leakage across public institutions,” he stated.
Beyond the VAT recovery, the committee disclosed that its engagement with the CBN remains ongoing, particularly regarding the reconciliation and recovery of other outstanding liabilities identified during the investigation. According to the committee, one category involves unrefunded charges amounting to ₦954,302,576.67 and accrued interest of ₦2,329,027,728.92, bringing the total recoverable sum under that heading to approximately ₦3.28 billion for transactions conducted between March 1, 2015 and October 31, 2015.
The committee is also pursuing the recovery of unrefunded Treasury Single Account (TSA) collections valued at ₦8,993,551,555.94, with accrued interest estimated at ₦20,727,241,152.04, bringing the total outstanding liability under that category to about ₦29.72 billion. Combined, the liabilities currently being reconciled and pursued by the committee exceed ₦33 billion.
The Remita platform occupies a central place in Nigeria’s public finance architecture, serving as a major payment gateway for government revenue and Treasury Single Account collections. Over the years, questions have periodically arisen over deductions, commissions, remittances and compliance with contractual obligations by institutions involved in managing government receipts. The current investigation is part of broader efforts by the House of Representatives to strengthen accountability in public finance management.
The Public Accounts Committee is scheduled to continue its hearing on the matter on Monday, June 8, 2026, at the National Assembly Complex, Abuja, where further submissions and reconciliations relating to outstanding liabilities will be considered. The recovery of the unremitted VAT marks a significant step in the ongoing effort to plug revenue leakages and restore public confidence in the management of government collections through electronic payment platforms.
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