The House of Representatives Public Accounts Committee has recovered ₦521.77m in unremitted Value Added Tax from the Central Bank of Nigeria, marking a significant breakthrough in an ongoing investigation into revenue leakages linked to government collections processed through the Remita platform.
The recovered sum represents VAT deductions on fees earned from Remita transactions that were not remitted to the Federal Government over a period spanning November 2018 to April 2024.
The recovery emerged from a far-reaching investigation launched by the House of Representatives following concerns over alleged revenue leakages, non-compliance with approved financial procedures, and breaches of service-level agreements governing government revenue collections.
The investigation was initiated pursuant to a House resolution on a motion titled “Investigation of Revenue Leakages Through Remita Platform and Non-Compliance Substantively with Standard Operating Procedure and Other Allied Service Level Agreement,” which mandated the Public Accounts Committee to scrutinise transactions conducted through the payment platform.
This post was originally published on this site.
