The House of Representatives has announced the recovery of ₦521.77 million from the Central Bank of Nigeria (CBN) as part of an investigation into unremitted Value Added Tax (VAT) on Remita transaction fees. The funds, recovered by the House Committee on Public Accounts, represent VAT on charges under the Treasury Single Account (TSA) system that were not remitted between November 2018 and April 2024.
Probe into Revenue Leakages
The committee launched an investigation into revenue leakages linked to financial transactions on the government's payment platform. After reviewing records, it directed the CBN to account for and remit the outstanding amount. The apex bank complied and provided evidence of payment.
Lawmakers stated that the recovery is part of broader efforts to block revenue leakages and ensure all government earnings are properly remitted into the federation account. However, they noted that the ₦521.77 million may represent only a fraction of larger outstanding liabilities still under investigation. Additional sums, reportedly running into billions of naira, are being examined as part of the ongoing probe into Remita-related transactions and other revenue streams within the TSA framework.
Commitment to Accountability
The House Committee on Public Accounts remains committed to tracking all unremitted funds owed to the Federal Government and ensuring full accountability from relevant agencies. The TSA system, introduced to improve transparency and reduce revenue leakages, 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.
