The Federal Ministry of Finance has debunked reports claiming that the Federal Government has stopped revenue-generating agencies from deducting their cost of collection at source, describing such reports as “inaccurate and misleading.”
In a statement issued in Abuja yesterday, the ministry said there has been no policy change regarding the deduction of costs of collection by agencies such as the Federal Inland Revenue Service (FIRS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigeria Customs Service (NCS).
“The current framework remains in effect,” the ministry stated, adding that “what is underway are ongoing policy discussions in line with the directives of His Excellency, President Bola Ahmed Tinubu, to review the cost of collection structure.”
According to the statement, the discussions are part of broader efforts by the government to improve transparency, efficiency and value-for-money in public financial management. However, it stressed that “no final decision has been made on this matter.”
The ministry clarified that at no point did the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announce or suggest any change to the existing policy.
“At no point during his remarks at the Nigeria Development Update (NDU) programme hosted by the World Bank did the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announce or imply any change to the existing policy on the cost of collection deductions,” the statement said.
It assured stakeholders and the general public that revenue operations are continuing without disruption and that any future changes to the policy will follow due process and involve consultations with relevant stakeholders.
“The ministry assures all stakeholders and the public that revenue operations continue uninterrupted and that any future adjustments will be guided by due process, stakeholder engagement, and clear communication,” the statement added.
The Federal Ministry of Finance also appealed to media organisations to verify information from official sources before publication to prevent misinformation.
“We urge media organisations to seek clarification from official sources before publishing information that may cause unnecessary confusion,” the statement said.
The ministry expressed appreciation to Nigerians for their continued support, reiterating its commitment to building a stronger, more transparent, and sustainable economy.
“The Ministry appreciates the continued support of Nigerians as we work collectively to build a stronger, more transparent, and sustainable economy,” it added.
