A House of Representatives panel has recovered ₦521.8 million in value added tax from the Central Bank of Nigeria following an investigation into the Remita payment platform. The money was part of funds the CBN had not remitted to the Federal Inland Revenue Service, according to findings by the committee.
The House had ordered the investigation after suspicions arose that the platform was leaking government revenue and breaching service agreements. Committee members found that CBN officials failed to comply with standard operating procedures when handling transactions on Remita, which processes payments for government agencies.
The recovery represents the first phase of the committee's work. Members are now pursuing an additional ₦33 billion in claims against the CBN, arguing that further funds were improperly withheld or unaccounted for on the platform. The committee has not yet revealed the timeline for recovering these outstanding amounts, but has signalled its intent to pursue the matter to conclusion.
Remita, managed by the CBN, serves as a central collection point for government revenue. The investigation uncovered gaps between what agencies remitted through the platform and what reached the federation account, suggesting systematic inefficiencies or deliberate non-compliance. The committee's findings could prompt wider scrutiny of how other payment systems under CBN supervision handle government funds. The panel has indicated it will submit a comprehensive report to the full House detailing all breaches identified and recommendations for preventing future losses.
