How a Reps investigation uncovered ₦521m in unremitted VAT at CBN

• House of Representatives says it recovered ₦521.77 million in unremitted VAT from the CBN.

• The funds are linked to transaction fees on Remita payments under the TSA system.

• Lawmakers say the money covers unremitted revenue between 2018 and 2024.

• The CBN reportedly complied after being directed to account for the funds.

The House of Representatives has announced the recovery of ₦521.77 million allegedly owed to the Federal Government by the Central Bank of Nigeria (CBN), following a legislative investigation into revenue leakages linked to financial transactions on the government’s payment platform.

The recovery was carried out by the House Committee on Public Accounts as part of an ongoing probe into Value Added Tax (VAT) remittances generated from fees on Remita transactions under the Treasury Single Account (TSA) system.

According to lawmakers, the funds represent VAT on transaction charges that were allegedly not properly remitted to the Federal Government between November 2018 and April 2024.

The committee stated that after reviewing relevant records, it directed the Central Bank of Nigeria to account for and remit the outstanding amount. The apex bank reportedly complied with the directive and provided evidence of payment.

Lawmakers described the development as part of broader efforts to block revenue leakages and ensure that all government earnings are properly remitted into the federation account.

However, the committee also noted that the ₦521.77 million recovered may represent only a fraction of larger outstanding liabilities still under investigation.

It disclosed that additional sums, reportedly running into billions of naira, are still being examined as part of the ongoing probe into Remita-related transactions and other revenue streams managed within the TSA framework.

The House Committee on Public Accounts said it remains committed to tracking all unremitted funds owed to the Federal Government and ensuring full accountability from relevant agencies.

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The Treasury Single Account system, introduced to improve transparency and reduce revenue leakages in government finances, continues to face scrutiny over alleged discrepancies in remittances and transaction charges.

The latest recovery has added momentum to renewed calls for stricter oversight of government revenue channels and financial institutions handling public funds.