The Federal Ministry of Finance has dismissed media reports suggesting that the Federal Government has stopped revenue-generating agencies such as the Federal Inland Revenue Service (FIRS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigeria Customs Service (NCS) from deducting their cost of collection at source.

In a statement signed by the Director of Information and Public Relations, Mohammed Manga, the Ministry described the reports as inaccurate and misleading. It explained that at no point did the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announce or imply any change to the existing cost of collection policy during his remarks at the Nigeria Development Update programme hosted by the World Bank.

The Ministry further clarified that there has been no policy change regarding the deduction of costs of collection at source by the revenue-generating agencies, noting that the current framework remains fully in effect. It stated that ongoing policy discussions are in line with President Bola Ahmed Tinubu’s directive to review the cost of collection structure as part of efforts to improve transparency, efficiency, and value-for-money in public financial management.

The Ministry assured all stakeholders that revenue operations remain uninterrupted and that any future adjustments will follow due process and stakeholder engagement. It also urged media organisations to verify information from official sources before publication to prevent misinformation and confusion among the public.