The Federal Ministry of Finance has dismissed recent media reports claiming that the Federal Government has stopped revenue-generating agencies such as the Federal Inland Revenue Service (FIRS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigeria Customs Service (NCS) from deducting their cost of collection at source.
In an official statement, the Ministry described such reports as inaccurate and misleading, emphasizing that the policy on cost of collection remains unchanged.
“The Federal Ministry of Finance wishes to address recent media reports suggesting that the Federal Government has discontinued the practice of allowing revenue-generating agencies such as the Federal Inland Revenue Service (FIRS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigeria Customs Service (NCS) to deduct their cost of collection at source. We categorically state that these reports are inaccurate and misleading,” the statement read.
According to the Ministry, at no point during his remarks at the Nigeria Development Update (NDU) programme hosted by the World Bank did the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announce or imply any change to the existing policy.
“For the avoidance of doubt, there has been no policy change regarding the deduction of costs of collection at source by revenue-generating agencies. The current framework remains in effect,” the Ministry added.
The statement clarified that the ongoing discussions are only part of policy reviews directed by President Bola Ahmed Tinubu to assess the cost of collection structure. These reviews are aimed at enhancing transparency, efficiency, and value-for-money in public financial management. It further explained that no final decision has been made on the matter.
“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,” it said.
The Ministry also urged media outlets to verify information from official sources before publication to avoid unnecessary confusion. It appreciated the support of Nigerians, reaffirming its commitment to building a stronger, more transparent, and sustainable economy.