The Federal Ministry of Finance has officially denied circulating reports suggesting that the federal government has stopped revenue-generating agencies from deducting their cost of collection at source. This clarification comes amid growing misinformation affecting agencies like the Federal Inland Revenue Service (FIRS), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and Nigeria Customs Service (NCS).
In a statement issued on Friday, Mohammed Manga, the ministry’s Director of Information and Public Relations, stressed that no changes have been made to the existing cost-of-collection policy. He emphasized that Minister of Finance and Coordinating Minister of the Economy, Wale Edun, did not announce or imply any alteration during his recent address at the Nigeria Development Update (NDU) event hosted by the World Bank.
“We categorically state that these reports are inaccurate and misleading,” the statement reads. “At no point during the minister’s remarks did he announce or suggest any change to the framework that allows revenue agencies to deduct their collection costs at source. The current policy remains fully intact.”
Manga further explained that the government is actively reviewing the cost-of-collection structure in line with President Bola Tinubu’s directive to improve transparency, efficiency, and value-for-money in public financial management. However, he clarified that no final decision has yet been reached.
“The ministry reassures all stakeholders and the public that revenue operations are ongoing without disruption. Any future changes will follow due process, involving stakeholder engagement and clear communication,” Manga added.
The ministry also called on media houses and the public to verify facts with official sources before publishing reports to avoid unnecessary confusion and misinformation.
Expressing gratitude to Nigerians for their continued support, the ministry reaffirmed its commitment to building a more transparent, efficient, and sustainable economy.
