The Federal Ministry of Finance has debunked reports claiming that the Federal Government has stopped revenue-generating agencies from deducting their cost of collection at source, describing such reports as “inaccurate and misleading.”
In a statement issued in Abuja yesterday, the ministry said there has been no policy change regarding the deduction of costs of collection by agencies such as the Federal Inland Revenue Service (FIRS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigeria Customs Service (NCS).
“The current framework remains in effect,” the ministry stated, adding that “what is underway are ongoing policy discussions in line with the directives of His Excellency, President Bola Ahmed Tinubu, to review the cost of collection structure
According to the statement, the discussions are part of broader efforts by the government to improve transparency, efficiency and value-for-money in public financial management. However, it stressed that “no final decision has been made on this matter.”
The ministry clarified that at no point did the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announce or suggest any change to the existing policy.
