RMAFC seeks NDIC’S support to improve government revenue
Omeiza Bilal
The Inland Revenue Monitoring Committee (IRMC) of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) led by the Hon. Commissioner representing Oyo State Dr. Kolade Daniel Abimbola, on Wednesday 19th, November 2025, paid a working visit to the headquarters of Nigerian Deposit Insurance Corporation (NDIC).
Speaking during the visit, Hon. Daniel Abimbola who serves as the Chairman disclosed that part of the responsibilities 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” he said.
The Commissioner stated, “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.”
“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.
Hon. Abimbola therefore called for the support of the management of NDIC in providing the needed technical support for the monitoring exercise through information sharing.
In his remarks, the Managing Director of the Nigeria Deposit Insurance Corporation (NDIC) Mr. Thompson Oluwadare Sunday explained that the NDIC was established in 1988 but commenced operations in 1989 essentially to provide services in four mandate areas of Deposite guarantee, Bank Liquidation, Bank Resolution and Prudential Regulation and Supervision.
The MD who expressed appreciation for the visit assured the delegation of the preparedness of his organisation to provide the necessary professional and technical support.
He reiterated that the Corporation would do everything within its power to support the Commission’s mandate. The MD added that NDIC recognizes the national importance of the ETL and is fully prepared to assist in strengthening the monitoring and compliance framework across deposit-taking institutions.
The Director Inland Revenue Department of RMAFC, Dr. Udodirim Okongwu, in her address, appreciated the NDIC management for the warm reception and the assurance to lend its support to the commission’s efforts in monitoring the remittances and collection of electronic money transfer levy as a source of revenue for the three tiers of government, which she said would go a long way in helping to develop the country.
The Executive Director, Corporate Services of NDIC Mrs Emily Osuji, who aligned with the MD’s position, reaffirmed NDIC’s readiness to collaborate. She stated that the NDIC is open to data sharing and technical support to RMAFC.
The visit concluded with both organizations reaffirming their shared commitment to promote transparency, reduce revenue leakages, and support the Federal Government’s fiscal objectives through enhanced ETL monitoring.
