Finance ministry says FG hasn’t stopped FIRS, Customs from deducting cost of collection from their revenue

The federal ministry of finance says reports claiming that the federal government has stopped revenue-generating agencies from deducting their cost of collection at source are false.

The agencies include the Federal Inland Revenue Service (FIRS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigeria Customs Service (NCS).

In a statement on Friday, Mohammed Manga, director of information and public relations at the ministry, said there has been no policy change regarding the existing cost of collection policy.

Manga said Wale Edun, minister of finance and coordinating minister of the economy, did not announce or imply any such change during his remarks at the Nigeria development update (NDU) programme hosted by the World Bank.

“We categorically state that these reports are inaccurate and misleading,” the statement reads.

“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.”

The director said ongoing policy discussions are in line with President Bola 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.

Manga, however, clarified that no final decision has been made.

“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,” he said.

The director also urged media organisations to verify information with official sources before publication to avoid confusion.

The ministry expressed appreciation to Nigerians for their continued support as the government works towards building a stronger, more transparent, and sustainable economy.