Reps committee recovers N521.8m unremitted VAT from CBN

The House of Representatives Public Accounts Committee, PAC, has recovered N521.8 cardinal successful outstanding Value Added Tax, VAT, from the Central Bank of Nigeria arsenic portion of an ongoing probe into alleged gross leakages associated with transactions processed done the Remita platform.

The betterment emerged from the committee’s scrutiny of gross remittances and compliance procedures involving agencies operating nether the Treasury Single Account, TSA, framework.

The probe followed a solution of the House directing an probe into allegations of gross leakages done the Remita outgo platform, arsenic good arsenic claims of non-compliance with established operational guidelines and work agreements.

Chairman of the committee, Bamidele Salam, said the panel’s introspection of transaction records and remittance processes revealed outstanding liabilities owed to the Federal Government.

According to the committee, the CBN had not remitted VAT totaling N521,765,134.17, representing taxation deductions linked to fees generated from Remita transactions conducted betwixt November 2018 and April 2024.

Following the findings, the committee directed the apex slope to transportation the outstanding magnitude to the Federal Government’s treasury and taxable impervious of payment.