The federal government has commenced an investigation into the collection of the Electronic Money Transfer (EMT) levy between 2019 and 2022.

The inquiry is being coordinated by the Inland Revenue Monitoring Committee (IRMC) of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).

According to a statement issued on Thursday by Maryam Umar Yusuf, Head of the Information and Public Relations Unit of RMAFC, the investigation is being led by the Commissioner representing Oyo State, Dr. Kolade Daniel Abimbola.

As part of the ongoing exercise, Abimbola paid a working visit to the headquarters of the Nigeria Deposit Insurance Corporation (NDIC).

During the visit, Abimbola, who serves as IRMC Chairman, explained the Commission’s statutory authority to demand and obtain financial information from relevant public and private institutions. He said the mandate allows the Commission “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.”

He noted that the visit to NDIC was an important part of the review of EMT levy collections.

“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,” Abimbola stated.

He added that NDIC plays a critical role in the country’s financial system. “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 said.

He urged the management of NDIC to support the monitoring exercise through relevant technical assistance and information sharing.

Responding, the Managing Director of NDIC, Mr. Thompson Oluwadare Sunday, assured the RMAFC delegation of the Corporation’s readiness to assist.

He said NDIC was fully committed to offering the required technical and professional support, adding that the Corporation “would do everything within its power to support the Commission’s mandate.”

Sunday further noted that NDIC recognises the national importance of the EMT levy and is prepared to contribute to strengthening the monitoring and compliance framework across all deposit-taking institutions.

Also speaking, the Director of the Inland Revenue Department at RMAFC, Dr. Udodirim Okongwu, thanked the NDIC leadership for pledging support. She said effective monitoring of EMT remittances would significantly improve revenue inflows for the three tiers of government and contribute to national development.

The Executive Director of Corporate Services at NDIC, Mrs. Emily Osuji, aligned with the assurances given by the Managing Director. She said the Corporation was open to data sharing and technical cooperation with RMAFC to aid the investigation and improve oversight of EMT collections. (The Nation)