The Central Bank of Nigeria, CBN, has reinforced its commitment to transparency and fiscal responsibility by promptly remitting N521.77 million in Value Added Tax, VAT, to the Federal Government after a routine review by the House of Representatives Public Accounts Committee.
The remittance covers VAT deductions on fees earned from Remita transactions between November 2018 and April 2024.
In a letter dated May 7, 2026, the CBN informed the committee that the outstanding liability had been fully paid, with documentary evidence showing that ₦521,765,134.17 was credited to government coffers.
Chairman of the Public Accounts Committee, Hon. Bamidele Salam, described the development as a validation of effective collaboration between the legislature and key government institutions.
“The recovery demonstrates the effectiveness of legislative oversight in safeguarding public resources and ensuring accountability in the management of government revenue,” Salam said, commending the CBN for its cooperation.
The CBN’s swift response underscores the apex bank’s willingness to work with oversight agencies to strengthen public finance management. The bank is also engaging the committee on other technical reconciliations, including unrefunded charges and TSA-related collections, as part of ongoing efforts to ensure accuracy and completeness in government revenue records.
Proactive partnership for stronger public finance
The review was initiated by the House to strengthen accountability around the Remita platform, which serves as a critical gateway for government revenue and Treasury Single Account collections. The CBN’s compliance highlights how constructive engagement between institutions can identify and resolve discrepancies without disrupting operations.
“We remain committed to recovering all funds due to the Federal Government and plugging avenues of revenue leakage across public institutions,” Salam added, while noting the CBN’s cooperation as a model for other agencies.
The Public Accounts Committee is scheduled to resume proceedings on Monday, June 8, 2026, at the National Assembly Complex in Abuja. The session will focus on reconciling outstanding figures and further strengthening systems for revenue accountability.
For the CBN, the latest action reflects its broader mandate of maintaining integrity in Nigeria’s financial system and supporting government efforts to maximize revenue for national development.
