Federal Ministry of Finance has dismissed media reports claiming that the Federal Government has halted revenue-generating agencies from deducting their cost of collection at source.
In a statement released on X (formerly Twitter) on Friday, the Ministry described the reports as “inaccurate and misleading,” clarifying that the existing policy on cost-of-collection deductions remains unchanged.
According to the statement signed by Mohammed Manga, Director of Information and Public Relations, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, did not announce or imply any modification to the policy during his remarks at the Nigeria Development Update (NDU) event hosted by the World Bank.
“At no point during his remarks did the Honourable Minister of Finance announce or imply any change to the existing policy on cost-of-collection deductions,” the statement read.
The Ministry emphasized that, “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.”
However, the statement acknowledged that policy discussions are ongoing in line with President Bola Ahmed Tinubu’s directive to review the structure of cost-of-collection deductions. According to the Ministry, the review aims to enhance transparency, efficiency, and value-for-money in public financial management.
The Finance Ministry assured that revenue operations across government agencies remain uninterrupted and that any future adjustments would follow due process, stakeholder engagement, and proper communication.
It also urged media organisations to verify information from official channels before publication to avoid causing unnecessary confusion among the public.
Reaffirming its commitment to fiscal reforms, the Ministry pledged to continue building a stronger, more transparent, and sustainable economy.
