The Federal Ministry of Finance has refuted reports suggesting that the Federal Government has stopped revenue-generating agencies from deducting their cost of collection at source, describing the claims as false and misleading.
In a statement issued in Abuja and signed by Mohammed Manga, FCAI, Director of Information and Public Relations, the Ministry emphasized that the existing cost-of-collection policy for agencies such as the Federal Inland Revenue Service (FIRS), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and Nigeria Customs Service (NCS) remains unchanged.
The clarification followed media misinterpretations of remarks made by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, at the Nigeria Development Update (NDU) programme hosted by the World Bank.
“At no point did the Minister announce or imply any discontinuation of cost-of-collection deductions,” the statement said. “For the avoidance of doubt, the current framework remains in effect.”
It explained that ongoing discussions ordered by President Bola Ahmed Tinubu are focused on reviewing the cost-of-collection structure to ensure transparency, accountability, and value-for-money in government revenue administration. The Ministry noted that these deliberations have not resulted in any policy shift.
“All revenue operations continue without interruption, and any future adjustments will follow due process and stakeholder engagement,” the statement affirmed.
The Ministry advised media organisations to verify sensitive fiscal information through official channels before publication to prevent public misinformation.
“The Ministry appreciates the support of Nigerians as we pursue a more transparent and sustainable financial system for national growth,” the statement concluded.
Source: Federal Ministry of Finance, Abuja — www.finance.gov.ng
