…as PAC intensify crackdown on revenue leakages
By Gloria Ikibah
The House of Representatives Public Accounts Committee (PAC) has recovered N521,765,134.17 in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN), marking another milestone in its ongoing investigation into revenue leakages and unremitted government funds. 
The recovery emerged from a wide-ranging probe into transactions conducted through the Remita payment platform, an investigation launched following a resolution of the House of Representatives 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.”
The House subsequently mandated the Public Accounts Committee to investigate the allegations and recover all outstanding funds due to the Federal Government.
Under the leadership of Committee Chairman, Rep. Bamidele Salam, the panel has undertaken an extensive review of financial transactions, remittances and compliance obligations linked to the Remita platform, with a focus on identifying revenue leakages and ensuring accountability in government revenue collection.
According to findings by the committee, the Central Bank of Nigeria failed to remit VAT amounting to N521,765,134.17, representing the tax component on fees earned from Remita transactions over a period spanning November 2018 to April 2024.
Following the discovery, the committee directed the apex bank to remit the outstanding amount into the Federal Government Treasury and provide evidence of compliance.
In a letter dated May 7, 2026, the CBN informed the committee that it had complied with the directive and submitted documentation confirming that the entire sum had been paid into government coffers.
Speaking on the recovery, Chairman of the Committee, Rep. Bamidele Salam, said the development underscored the importance of legislative oversight in protecting public funds and promoting accountability across public institutions.
According to him, the recovery demonstrates the effectiveness of parliamentary oversight in safeguarding government revenue and ensuring that all agencies comply with their statutory obligations.
He reiterated the committee’s determination to recover every kobo owed to the Federal Government and close loopholes that enable revenue leakages within public institutions.
The committee disclosed that its engagement with the Central Bank remains ongoing, particularly regarding the reconciliation and recovery of additional outstanding liabilities identified during the investigation.
Among the amounts still under review are unrefunded charges valued at N954,302,576.67 and accrued interest of N2,329,027,728.92, bringing the total recoverable amount in that category to N3,283,330,305.59 for the period between March 1 and October 31, 2015.
The committee is also pursuing the recovery of unrefunded Treasury Single Account (TSA) collections amounting to N8,993,551,555.94, alongside accrued interest estimated at N20,727,241,152.04.
Together, the outstanding TSA-related liability stands at N29,720,792,707.98.
With additional sums still being scrutinised, the total amount under investigation runs into tens of billions of naira.
The Public Accounts Committee said it will continue its hearing into the matter on Monday, June 8, 2026, at the National Assembly Complex in Abuja as efforts intensify to recover outstanding public funds and strengthen financial accountability across government institutions.
The latest recovery adds to a growing list of funds reclaimed by the committee as part of its ongoing drive to ensure transparency, improve revenue collection and prevent losses to the nation’s treasury.
