Nigeria recovers N521.8M unremitted VAT

The Nigeria — House of Representatives (Nigeria)>>> Public Accounts Committee (PAC) has recovered N521.8 million in unremitted Value Added Tax (VAT) from the Nigeria — Central Bank of Nigeria>>> (CBN). This recovery is part of an ongoing investigation into revenue leakages linked to transactions conducted through the Remita Payment Services>>> platform and non-compliance with financial regulations under the Treasury Single Account (TSA) system. The committee, chaired by Bamidele Salam>>>, found that the Nigeria — Central Bank of Nigeria>>> failed to remit VAT on fees earned from Remita Payment Services>>> transactions between November 2018 and April 2024. Following the discovery, the committee directed the Nigeria — Central Bank of Nigeria>>> to remit the outstanding amount to the Nigeria>>> Treasury, which it confirmed doing on May 7, 2026. The PAC continues its engagement with the Nigeria — Central Bank of Nigeria>>> to reconcile and recover other outstanding liabilities, including N954.3 million in unrefunded charges and N8.99 billion in unrefunded TSA collections, with accrued interests bringing the total potential recovery to over N33 billion.