Business
RMAFC Seeks NDIC’s Support To Improve Government Revenue
Joel Ajayi
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).
In a statement issued on Thursday in Abuja by Head, Information and Public Relations Unit Thursday 19,November 2025, Maryam Umar Yusuf.
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 Hon. 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.
Agriculture
PULA, Leadway Assurance Disburse ₦396 Million to Climate-Affected Farmers, Strengthen Food Security Efforts
In a major intervention to shield smallholder farmers from climate shocks, agri-insurtech firm PULA has spearheaded the disbursement of ₦396,697,672 in insurance claims to over 40,000 farmers impacted during the 2025 wet season.
The payout, executed in partnership with Leadway Assurance and supported by the Presidential Food Systems Coordinating Unit (PFSCU), covered farmers across Taraba, Borno, Kaduna, and Plateau States who suffered climate-related losses.
The initiative was made possible in part by Bayer Foundation, whose $450,000 premium subsidy support in 2025 wet season helped lower the cost of insurance for thousands of vulnerable smallholders in 8 states, with 4 states receiving payouts. The Foundation is set to scale up its contribution to match the growing aspirations of state governments.
Speaking at the cheque presentation ceremony in Abuja during the 2025 Wet Season Insurance Claims Payout under the National Agribusiness Planning Mechanism (NAPM), PULA’s Nigeria Country Director, Dr. Michael Enahoro, said the initiative goes beyond compensation, insisting that it’s about securing Nigeria’s food systems.
“Our focus is not just on payouts but on increasing food production. We must continue to support farmers who work tirelessly under harsh conditions to feed the nation,” Dr. Enahoro said. He called for stronger policies that directly impact farmers and reaffirmed PULA’s commitment to expanding agricultural insurance as a tool for resilience.
PULA’s data-driven approach to climate risk was key to identifying affected farmers and triggering payments. The company worked with Leadway Assurance to underwrite the risk, while PFSCU aligned the program with the national food security agenda. State governments also supported grassroots enrollment.
Gboyega Lesi, MD/CEO of Leadway Assurance, described the payout as “a reinforcement of a safety net that protects the hard work of thousands of farmers,” adding that “through climate insurance, we ensure that a bad season does not translate into total loss of livelihood.” He commended PULA’s technology and field structure for making rapid, transparent payouts possible.
Ayoola Fatona, Global Head of Agric Solutions at Leadway Assurance, noted that the 2025 wet season brought significant climate variability and yield fluctuations. “The true value of insurance lies in claims payment, especially in challenging periods. Our data-driven partnership with PULA helped mitigate losses,” he said.
Looking ahead, PULA and Leadway Assurance plan to scale coverage to 73,000 farmers in the 2026 farming season, deepening penetration of climate insurance across Nigeria’s food-producing belts.
Commissioners from the beneficiary states commended PULA and Leadway Assurance for de-risking agriculture, restoring farmers’ confidence, and building a more resilient agricultural sector
State-by-state breakdown of claims facilitated by PULA:
- Taraba State: ₦154,308,035
- Borno State: ₦127,192,472
- Kaduna State: ₦69,726,150
- Plateau State: ₦45,471,015
Total: ₦396.7 million.
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