The House of Representatives Committee on Public Accounts says it is pursuing the recovery of N29.72 billion in unremitted Treasury Single Account (TSA) collections and accrued interest allegedly owed to the Federal Government by the Central Bank of Nigeria (CBN).
Committee Chairman, Bamidele Salam, disclosed this in Abuja while providing an update on the panel’s ongoing investigation into revenue leakages linked to transactions processed through the Remita platform. He said the committee had already recovered N521.8 million in unremitted Value Added Tax (VAT) from the apex bank.
According to Salam, the outstanding amount being sought includes N8.99 billion in unremitted TSA collections and N20.73 billion in accumulated interest, bringing the total liability under review to N29.72 billion. He added that the committee was also investigating other outstanding obligations yet to be recovered on behalf of the Federal Government.
The investigation followed a House resolution directing lawmakers to probe alleged revenue leakages, non-compliance with operating procedures, and breaches of service agreements involving the Remita payment platform. The committee subsequently carried out a detailed review of transactions and remittances connected to the system.
Salam explained that the committee discovered the CBN failed to remit VAT worth N521.8 million on fees generated from Remita transactions between November 2018 and April 2024. Following the committee’s directive, the apex bank was instructed to transfer the funds to the Federal Government’s treasury and provide evidence of compliance.
He revealed that the CBN, in a letter dated May 7, 2026, confirmed the remittance and submitted documentation showing that the N521.8 million had been paid into government accounts. The committee described the recovery as evidence of the impact of legislative oversight in protecting public funds and ensuring accountability.
Beyond the VAT recovery, the committee said it was also seeking the refund of N954.3 million in charges alongside N2.33 billion in accrued interest for transactions carried out between March and October 2015. This brings the total amount under that category to about N3.28 billion.
Salam reiterated the committee’s commitment to recovering all funds due to the Federal Government and closing loopholes that enable revenue leakages across public institutions. He stressed that the investigation remains ongoing and that additional recoveries may emerge as the review progresses.
The Public Accounts Committee is expected to continue its hearing on the matter at the National Assembly Complex in Abuja as it intensifies efforts to reconcile accounts and recover outstanding government revenues.
