FEDERAL MINISTRY OF FINANCE, ABUJA
PRESS STATEMENT
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.
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 on the cost of collection deductions.
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.
What is underway are ongoing policy discussions in line with the directives of His Excellency, President Bola Ahmed Tinubu, to review cost of collection structure. These discussions are part of broader efforts to enhance transparency, efficiency, and value-for-money in public financial management. However, no final decision has been made on this 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.
We urge media organisations to seek clarification from official sources before publishing information that may cause unnecessary confusion. The Ministry appreciates the continued support of Nigerians as we work collectively to build a stronger, more transparent, and sustainable economy.
Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
October 8, 2025
