By Elizabeth Christopher, Abuja
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has intensified efforts to plug revenue leakages and boost the Federal Government’s earnings, seeking strong technical collaboration from the Nigeria Deposit Insurance Corporation (NDIC) to enhance monitoring of the Electronic Money Transfer Levy (ETL).
During a visit to the NDIC headquarters in Abuja, Nigeria’s capital, the Chairman of RMAFC’s Inland Revenue Monitoring Committee (IRMC) and Commissioner representing Oyo State, Dr Kolade Daniel Abimbola, said the Commission is determined to enforce transparency and accountability in the remittance of government revenue, particularly in the ETL collections for 2019–2022.
Abimbola emphasised that RMAFC is empowered to demand information and data from any agency or individual relevant to revenue accruing to the Federation Account.
He said collaboration with NDIC would significantly strengthen the Commission’s ability to monitor financial institutions and ensure full compliance.
“The NDIC plays a vital role in Nigeria’s financial system. We believe a strong partnership will help drive optimum revenue mobilisation and ensure that all collections due to the Federation are accurately remitted,” he stated.
Responding, NDIC Managing Director, Mr Thompson Oluwadare Sunday, assured the delegation of the Corporation’s readiness to provide robust technical and professional support.
He noted that NDIC, which has mandates in deposit guarantee, bank liquidation, bank resolution, and prudential supervision, recognises the critical national importance of the ETL.
“We will do everything within our mandate to support the Commission. NDIC is fully prepared to strengthen the monitoring and compliance framework across deposit-taking institutions,” he assured.
Supporting the MD’s position, NDIC’s Executive Director of Corporate Services, Mrs Emily Osuji, reaffirmed the Corporation’s willingness to collaborate through data sharing and technical expertise.
RMAFC’s Director of Inland Revenue, Dr Udodirim Okongwu, expressed appreciation for NDIC’s commitment, noting that enhanced tracking of ETL collections would significantly boost revenue for the three tiers of government and contribute to national development.
Both organisations pledged to work closely to improve transparency, curb revenue losses, and bolster the government’s fiscal objectives through strengthened monitoring of the Electronic Money Transfer Levy.