House panel recovers ₦521.8m unremitted VAT from CBN over Remita transaction fees

The House of Representatives Public Accounts Committee announced on June 8, 2026 that it has recovered ₦521.8 million in unremitted Value Added Tax from the Central Bank of Nigeria. The funds represent VAT deducted from fees generated through the Remita payment platform between November 2018 and April 2024, which the CBN failed to remit to the Federal Treasury. The committee’s investigation, triggered by a House resolution alleging revenue leakages through Remita, traced the shortfall to ₦521,765,134.17 and directed the apex bank to transfer the amount and provide proof of payment.

The recovery matters because it demonstrates how legislative scrutiny can reclaim public money that would otherwise be lost, reinforcing accountability in the Treasury Single Account system. With the FG already facing revenue pressures, reclaiming over half a billion naira strengthens the national purse and signals consequences for non‑compliance by government agencies. It also highlights the need for tighter monitoring of automated payment platforms like Remita that handle large volumes of government transactions.

The CBN confirmed on May 7, 2026 that it had transferred the full sum to government coffers and submitted the required documentation. Citizens should note that this recovery adds to the FG’s revenue pool, potentially reducing the need for new borrowing or taxes. Will this success encourage other committees to pursue similar revenue leaks, and how can the public ensure such oversight remains consistent?

SOURCE: https://dailypost.ng/2026/06/08/reps-committee-recovers-n521-8m-unremitted-vat-from-cbn/