House recovers ₦521.8M VAT from CBN in Remita probe
House Public Accounts Committee has recovered ₦521,765,134.17 in unremitted VAT from Central Bank of Nigeria, representing VAT deductions on fees from Remita transactions between November 2018 and April 2024. The recovery follows legislative investigation into revenue leakages on the payment platform.
CBN complied with directive to remit the amount into Federal Government Treasury, according to May 7 correspondence. This represents just one outcome of the committee's broader probe into Remita platform transactions.
The investigation now seeks additional ₦32.2 billion from CBN, including ₦3.28 billion in unrefunded charges and interest (March-October 2015 transactions) and ₦29.72 billion in unrefunded TSA collections with accrued interest. Combined, the committee is pursuing over ₦33 billion recovery.
The probe continues with hearing scheduled Monday, June 8 at National Assembly Complex, Abuja. This recovery demonstrates legislative oversight effectiveness in protecting public resources from revenue leakages.
As this probe recovers billions in lost revenue, should we expect similar investigations into other government payment platforms?