The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says it is determined to trace the disbursements of the Electronic Money Transfer Levy (EMTL) from 2019 to 2022.

The Commission, through its Inland Revenue Monitoring Committee (IRMC), said the probe falls squarely within its mandate to ensure transparency, accountability, and optimum revenue mobilisation, particularly regarding the EMTL for the period under review.

Speaking during a working visit to the headquarters of the Nigerian Deposit Insurance Corporation (NDIC), Chairman of the committee and Federal Commissioner representing Oyo State, Dr. Kolade Daniel Abimbola, said part of the Commission’s statutory responsibility is to demand and obtain from any government agency, company, or individual information, data, documents, or returns relating to the remittance or disbursement of revenue from the Federation Account.

He added that the Commission is also empowered to monitor any receipt arising from the operation of any law.

According to him, “The visit is guided by the Commission’s mandate to ensure transparency, accountability, and optimum revenue mobilisation, particularly in the aspect of the Electronic Money Transfer Levy for the period 2019–2022, and to enhance the Commission’s capacity to monitor its collections effectively.

“We also recognise the vital role of the NDIC in Nigeria’s financial system, and we believe there is significant value in exploring areas of collaboration that will support both institutions in fulfilling their statutory responsibilities.”

He called for the support of the NDIC management in providing the necessary technical assistance for the monitoring exercise through information sharing.

In his remarks, the Managing Director of the NDIC, Mr. Thompson Oluwadare Sunday, explained that the Corporation was established to provide services in four key mandate areas: deposit guarantee, bank liquidation, bank resolution, and prudential regulation and supervision.

The NDIC boss, who expressed appreciation for the visit, assured the delegation of the organisation’s readiness to provide the required professional and technical support.

A statement by the Head, Information and Public Relations Unit, Maryam Umar Yusuf, noted that the NDIC chief executive reiterated the Corporation’s commitment to supporting the Commission’s mandate.

She added that the NDIC recognises the national importance of the EMTL and is fully prepared to assist in strengthening the monitoring and compliance framework across deposit-taking institutions.

The Director, Inland Revenue Department of RMAFC, Dr. Udodirim Okongwu, thanked the NDIC management for its warm reception and its readiness to support the Commission’s efforts at monitoring the remittances and collection of the EMTL as a revenue source for the three tiers of government.

According to her, enhanced monitoring would significantly contribute to the nation’s development.

Also speaking, the Executive Director, Corporate Services of NDIC, Mrs. Emily Osuji, reaffirmed the Corporation’s readiness to collaborate, stating that the NDIC remains open to data sharing and technical support to RMAFC.