By Jemimah Wellington, JKNewsMedia Correspondent
THE FEDERAL Ministry of Finance has dismissed media reports claiming that the Federal Government has halted the practice of allowing key revenue-generating agencies to deduct their cost of collection at source.
In a formal statement issued by the Ministry’s Director of Information and Public Relations, Mohammed Manga, FCAI, the government described such reports as inaccurate and misleading.
The clarification followed claims circulating in sections of the media suggesting that the Federal Inland Revenue Service (FIRS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigeria Customs Service (NCS) would no longer retain their cost of collection directly from revenues before remittance to the Federation Account.
According to the Ministry, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, did not at any time announce, imply, or authorise any policy change concerning the cost-of-collection structure during his remarks at the Nigeria Development Update (NDU) programme hosted by the World Bank.
The Ministry reiterated that there has been no alteration to the existing policy, stressing that the current framework permitting revenue agencies to deduct their operational costs at source remains fully in effect.
It emphasised that the public should disregard contrary reports and rely only on verified information issued through official government channels.
Clarifying the government’s position, the Ministry stated that ongoing discussions are being held in line with the directive of President Bola Tinubu, to review the cost-of-collection structure.
These discussions, it said, form part of broader fiscal reforms aimed at strengthening transparency, efficiency, and value-for-money in public financial management.
The statement noted that the review process remains at the consultative stage and that no final decision has been reached. It further assured that any future adjustments will follow due process, involve stakeholder engagement, and be clearly communicated to the public.
“The Ministry assures all stakeholders and the general public that revenue operations across the relevant agencies continue uninterrupted,” the statement read.
“Any potential changes to the cost-of-collection framework will be thoroughly reviewed, subjected to proper consultation, and announced formally.”
The Finance Ministry also urged media organisations to exercise caution in their reportage of fiscal policy matters and to seek official clarification before publishing information capable of creating unnecessary confusion in the public space.
Reaffirming its commitment to transparency and accountability, the Ministry expressed appreciation to Nigerians for their continued cooperation and understanding as the government works towards building a stronger, more transparent, and sustainable economy under President Tinubu’s administration.
The statement, signed by Mohammed Manga on 8 October 2025, concluded that the Ministry remains open to engagement with stakeholders and the media in providing accurate information on the government’s fiscal operations and reform initiatives.
