RMAFC Launches Probe into Electronic Money Transfer Levy Collections
By Patience Ikpeme
The Federal Government, through the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), has launched an investigation into the collection of the Electronic Money Transfer (EMT) Levy spanning the period from 2019 to 2022.
The probe is being coordinated by the Inland Revenue Monitoring Committee (IRMC) of the RMAFC, according to a statement released on Thursday by the Commission’s Head of Information and Public Relations Unit, Maryam Umar Yusuf.
The investigation is being spearheaded by the Commissioner representing Oyo State, Dr. Kolade Daniel Abimbola. As part of the exercise, Dr. Abimbola led a working visit to the headquarters of the Nigerian Deposit Insurance Corporation (NDIC).
Speaking during the visit, Dr. Daniel Abimbola, who serves as the Committee’s Chairman, laid out the foundational mandate of the RMAFC. He stated that a key function of the Commission is “to demand and obtain from any government agency, company, or individual, information, data, documents or returns relating to the remittance of accruals or disbursement of revenue from the Federation Account, and monitor any receipt however described arising from the operation of any law.”
The RMAFC Commissioner explained that the visit to the NDIC was necessary for the monitoring process. “The visit is guided by the Commission’s mandate to ensure transparency, accountability, and optimum revenue mobilization, particularly in the aspect of Electronic Money Transfer levy for the period 2019 – 2022, and enhancing the Commission’s capacity to monitor its collections, effectively,” he disclosed.
Dr. Abimbola also sought to establish a collaborative framework with the NDIC. “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 added.
He subsequently appealed for the support of the NDIC management, specifically requesting them to provide the necessary technical assistance for the monitoring exercise through information sharing.
In response, the Managing Director of the Nigerian Deposit Insurance Corporation (NDIC), Mr. Thompson Oluwadare Sunday, assured the visiting delegation of his organisation’s full support. He gave an assurance that the NDIC is ready to provide the necessary professional and technical support for the monitoring effort.
Mr. Sunday made clear the Corporation’s commitment, stating that it “would do everything within its power to support the Commission’s mandate.” He added that the NDIC is cognizant of the national significance of the EMT levy and is “fully prepared to assist in strengthening the monitoring and compliance framework across deposit-taking institutions.”
The Director of the Inland Revenue Department of RMAFC, Dr. Udodirim Okongwu, expressed appreciation for the commitment shown by the NDIC management. She noted that the assurance to support the monitoring of EMT levy remittances and collection—a vital source of revenue for the three tiers of government—would be instrumental “in helping to develop the country.”
Echoing the Managing Director’s sentiment, the Executive Director, Corporate Services of NDIC, Mrs. Emily Osuji, affirmed the Corporation’s willingness to collaborate. She stated clearly that the “NDIC is open to data sharing and technical support to RMAFC.”
