Revenue Commission Investigates Electronic Transfer Levy
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has initiated a comprehensive investigation into the disbursement of the Electronic Money Transfer Levy (EMTL) covering the period from 2019 to 2022. This probe aims to ensure complete transparency and accountability in how these funds have been managed and distributed.
Mandate and Monitoring Authority
Speaking during a working visit to the Nigerian Deposit Insurance Corporation (NDIC) headquarters, the Chairman of RMAFC's Inland Revenue Monitoring Committee, Dr. Kolade Daniel Abimbola, emphasized that this investigation falls directly within the Commission's statutory mandate. As the Federal Commissioner representing Oyo State, Dr. Abimbola clarified that RMAFC has the legal authority to demand and obtain information from any government agency, company, or individual regarding revenue remittances to the Federation Account.
"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," Dr. Abimbola stated. He further explained that the Commission is empowered to monitor any receipts generated through the operation of existing laws.
Collaboration with Financial Institutions
The RMAFC delegation recognized the critical role of NDIC in Nigeria's financial ecosystem and expressed interest in exploring collaborative opportunities between the two institutions. Dr. Abimbola specifically requested the support of NDIC management in providing necessary technical assistance and information sharing to facilitate the monitoring exercise effectively.
In response, the Managing Director of NDIC, Mr. Thompson Oluwadare Sunday, assured the Commission of the Corporation's full cooperation and readiness to provide required professional and technical support. Mr. Sunday outlined NDIC's four key mandate areas: deposit guarantee, bank liquidation, bank resolution, and prudential regulation and supervision.
According to a statement by Maryam Umar Yusuf, Head of Information and Public Relations Unit, the NDIC chief executive reiterated the Corporation's commitment to supporting RMAFC's mandate. The statement emphasized that NDIC recognizes the national importance of the EMTL and is fully prepared to assist in strengthening monitoring and compliance frameworks across deposit-taking financial institutions.
Enhanced Revenue Monitoring for National Development
The Director of RMAFC's Inland Revenue Department, Dr. Udodirim Okongwu, expressed appreciation for NDIC's warm reception and commitment to supporting the Commission's monitoring efforts. Dr. Okongwu highlighted that enhanced monitoring of EMTL collections would significantly contribute to Nigeria's development by ensuring optimal revenue mobilization for all three tiers of government.
Mrs. Emily Osuji, Executive Director of Corporate Services at NDIC, reaffirmed the Corporation's readiness to collaborate with RMAFC, stating that NDIC remains open to data sharing and providing technical support to facilitate the Commission's revenue monitoring objectives.
This investigation represents a significant step toward strengthening Nigeria's revenue collection system and ensuring that electronic transfer levies are properly accounted for and utilized for the benefit of all government levels and the Nigerian people.
