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Finance Ministry Denies Ending Cost-of-Collection Deductions, Says Reports ‘Inaccurate and Misleading’
The Federal Ministry of Finance has refuted media reports suggesting that the Federal Government has stopped revenue-generating agencies from deducting their cost of collection at source.
In a statement issued on X on Friday, the Ministry described the reports as “inaccurate and misleading,” clarifying that the current framework remains in place.
According to the statement signed by Mohammed Manga, Director of Information and Public Relations, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, did not announce or imply any change to the existing policy during his remarks at the Nigeria Development Update (NDU) event hosted by the World Bank.
The statement reads in part: “At no point during his remarks… did the Honourable Minister of Finance… announce or imply any change to the existing policy on the cost of collection deductions.”
It further 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 Ministry confirmed that “ongoing policy discussions” are underway in line with President Bola Ahmed Tinubu’s directive to review the cost-of-collection structure. These talks, it said, are aimed at “enhancing transparency, efficiency, and value-for-money in public financial management.”
The statement assured that revenue operations remain uninterrupted and that any eventual changes would follow “due process, stakeholder engagement, and clear communication.”
The Ministry urged media organisations to verify information from official sources before publication, warning against reports that could “cause unnecessary confusion.”
It concluded by reaffirming its commitment to “build a stronger, more transparent, and sustainable economy.”