Reps Committee Recovers N521.8 Million VAT From CBN In Remita Revenue Leakage Probe

Reps Committee Recovers N521.8 Million VAT From CBN in Remita Revenue Leakage Probe The House of Representatives Public Accounts Committee PAC says it has recovered N521.8 million in unremitted Value Added Tax VAT from the Central Bank of Nigeria as part of an ongoing investigation into alleged revenue leakages associated with the Treasury Single Account TSA and transactions processed through the Remita platform. The recovery followed a legislative probe launched by the House of Representatives into allegations of revenue leakages, non-compliance with service agreements and irregular remittances linked to the TSA system. Lawmakers said the investigation was aimed at ensuring accountability and safeguarding public revenue. Chairman of the Public Accounts Committee, Bamidele Salam, said the panel’s review of financial records and transaction data uncovered liabilities owed to the Federal Government. According to the committee, the CBN failed to remit VAT amounting to N521,765,134.17 on fees generated from Remita transactions between November 2018 and April 2024. Following the discovery, the committee directed the apex bank to transfer the outstanding amount to the Federal Government Treasury and submit evidence of compliance. The CBN subsequently informed lawmakers that it had complied with the directive and provided documentation confirming that the funds had been remitted. Lawmakers described the recovery as a significant step in efforts to strengthen fiscal transparency and improve oversight of government revenue collection systems. The committee said the outcome demonstrated the role of parliamentary oversight in identifying financial irregularities and recovering public funds.

Despite the latest recovery, the committee disclosed that its investigation remains ongoing. Officials said additional liabilities linked to the TSA ecosystem and Remita transactions are still being reviewed as part of a broader reconciliation exercise.

Among the outstanding amounts being pursued are unrefunded charges and accrued interest totaling about N3.28 billion for transactions conducted between March and October 2015. The committee is also seeking the recovery of unrefunded TSA collections and accumulated interest amounting to approximately N29.72 billion.The probe forms part of a wider examination of alleged revenue leakages within the TSA framework. In previous investigations, lawmakers scrutinized financial institutions, service providers and other participants in the Remita payment ecosystem over claims of unremitted revenues and disputed charges. The Public Accounts Committee said hearings on the matter would continue as it intensifies efforts to recover additional funds believed to be owed to the Federal Government. Lawmakers maintained that all agencies and organizations involved in public revenue collection must comply fully with financial regulations and remittance obligations.The Treasury Single Account is a centralized public finance system designed to consolidate government revenues into a single account structure managed by the Federal Government. The Remita platform serves as one of the key payment gateways used for TSA collections. Since 2023, the House of Representatives has conducted a series of investigations into alleged leakages, unremitted funds and compliance issues involving participants in the TSA value chain.