Nigerian House Committee recovers 521,000,000 naira VAT

The House of Representatives Public Accounts Committee has recovered over 521 million naira in unremitted Value Added Tax from the Central Bank of Nigeria, marking a significant step in an ongoing legislative investigation into government revenue leakages. The recovery was confirmed on Sunday, June 7, 2026, following a directive from the committee to the apex bank.

The recovered sum of 521,765,134.17 naira represents VAT deductions on fees earned from transactions processed through the Remita payment platform that were not remitted to the federal government between November 2018 and April 2024. The investigation was launched pursuant to a House resolution on a motion concerning revenue leakages through the Remita platform and non-compliance with standard operating procedures.

Committee Chairman Bamidele Salam stated that the Central Bank had written to confirm compliance, providing documentary evidence that the outstanding amount was paid into the government's coffers. In a letter dated May 7, 2026, the bank informed the committee of the remittance. Salam described the recovery as a validation of the National Assembly's oversight responsibility and its determination to protect...