RMAFC to Track EMTL Disbursements from 2019–2022, for Transparency, Accountaand and Revenue Optimisation

 

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has reaffirmed its plan to trace and verify the disbursement of the Electronic Money Transfer Levy (EMTL) between 2019 and 2022. 

The move, led by the Commission’s Inland Revenue Monitoring Committee (IRMC), aims to strengthen transparency, accountability, and revenue optimisation.

During a working visit to the Nigerian Deposit Insurance Corporation (NDIC) in Abuja, IRMC Chairman and Federal Commissioner for Oyo State, Dr. Kolade Daniel Abimbola, said the Commission is empowered to request information and documents from any agency, company, or individual concerning revenue remittances from the Federation Account. 

He noted that RMAFC also has the authority to monitor receipts arising from any law.

Abimbola said the visit was part of efforts to enhance RMAFC’s ability to effectively track EMTL collections, adding that the NDIC plays a crucial role in the financial system and offers opportunities for collaboration.

He appealed for the Corporation’s technical support, especially in information and data sharing needed for the monitoring exercise.

Responding, NDIC Managing Director, Mr. Thompson Oluwadare Sunday, highlighted the Corporation’s four core mandates: deposit guarantee, bank liquidation, bank resolution, and prudential regulation and supervision. He assured the delegation of NDIC’s readiness to provide professional and technical assistance.

According to a statement by NDIC spokesperson Maryam Umar Yusuf, the MD reiterated the agency’s commitment to supporting RMAFC’s mandate, noting the national importance of the EMTL and the need for strong compliance frameworks across deposit-taking institutions.

RMAFC’s Director of Inland Revenue, Dr. Udodirim Okongwu, appreciated the NDIC’s cooperation, stressing that improved EMTL monitoring would boost national development.