The Federal Ministry of Finance has refuted claims that the Federal Government has suspended the practice of allowing revenue-generating agencies to deduct their cost of collection at source, describing such reports as “inaccurate and misleading.”
In a statement issued in Abuja, the ministry clarified that there has been no change in policy regarding how agencies such as the Federal Inland Revenue Service (FIRS), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and Nigeria Customs Service (NCS) manage their collection costs.
“The current framework remains in effect,” the statement read. “What is underway are ongoing policy discussions aligned with directives from His Excellency, President Bola Ahmed Tinubu, to review the cost of collection structure.”
Policy Review Still Under Consideration — No Decision Yet
The ministry emphasized that any discussion about revising the cost of collection structure is part of broader efforts to improve transparency, efficiency, and value-for-money in Nigeria’s public financial management system.
“No final decision has been made on this matter,” the ministry added, confirming that any potential reforms are still under review.
The ministry also addressed speculation surrounding comments made by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, at the recent Nigeria Development Update (NDU) event hosted by the World Bank.
“At no point during his remarks did Mr. Wale Edun announce or imply any change to the existing policy on cost of collection deductions,” the statement clarified.
Revenue Operations Continue Uninterrupted
The Finance Ministry reassured the public and stakeholders that government revenue operations are proceeding without disruption. Any future policy adjustments, the statement stressed, would adhere to due process and involve consultations with relevant stakeholders.
“Any future adjustments will be guided by due process, stakeholder engagement, and clear communication,” it said.
Ministry Urges Responsible Journalism
In response to widespread media speculation, the ministry urged media organisations in Nigeria to verify claims from official sources before publication to prevent the spread of misinformation.
“We urge media outlets to seek clarification from official sources before publishing information that may cause unnecessary confusion,” the ministry stated.
Commitment to Transparency and Economic Reform
The Ministry of Finance reaffirmed its dedication to building a more transparent, efficient, and sustainable Nigerian economy, expressing gratitude to the public for their continued trust and support.
“We appreciate the continued support of Nigerians as we work collectively to build a stronger, more transparent, and sustainable economy,” the statement concluded.
