The Federal Ministry of Finance has refuted recent media reports claiming that the Federal Government has stopped revenue-generating agencies, such as the Federal Inland Revenue Service (FIRS), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and Nigeria Customs Service (NCS), from deducting their cost of collection at source.
In a press statement issued on October 8, 2025, the Ministry labeled these reports as inaccurate and misleading.
The statement clarified that the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, made no such announcement during his remarks at the Nigeria Development Update (NDU) programme hosted by the World Bank.
The Ministry emphasized that the existing policy on cost of collection deductions remains unchanged and fully in effect.
The Ministry acknowledged ongoing policy discussions, directed by President Bola Ahmed Tinubu, to review the cost of collection structure.
These discussions aim to improve transparency, efficiency, and value-for-money in public financial management. However, no final decisions have been made.
The Ministry reassured stakeholders that revenue operations continue seamlessly and that any future policy changes will follow due process, involve stakeholder engagement, and be communicated clearly.
It urged media outlets to verify information with official sources to avoid causing confusion.
Signed by Mohammed Manga, FCAI, Director of Information and Public Relations, the statement reaffirmed the Ministry’s commitment to fostering a transparent and sustainable economy with the support of Nigerians.
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com