Nigeria TV Info 

Reps Panel Recovers N521m Unremitted VAT from CBN

The House of Representatives investigative panel has recovered N521 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN) after a financial compliance review exposed gaps in tax remittances and record reconciliation.

According to the committee’s findings, the amount represents outstanding VAT deductions that were either delayed or not properly remitted into the Federation Account. The recovery follows a broader parliamentary oversight exercise aimed at improving transparency in revenue collection and ensuring compliance with Nigeria’s tax regulations.

The panel emphasized that government institutions must adhere strictly to financial regulations, noting that revenue leakages weaken national development funding. Officials also indicated that further audits are ongoing across key federal agencies to identify additional unremitted funds.

The development has drawn attention to the importance of stronger internal controls within public financial institutions, as lawmakers push for stricter enforcement mechanisms to prevent future discrepancies.

Central Bank of Nigeria