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FG Scraps Revenue Collection Deductions, Pledges Greater Fiscal Transparency

Detailed News:
The Federal Government has announced the immediate removal of revenue collection deductions by its agencies and parastatals in a move aimed at strengthening fiscal discipline and improving transparency in public finance.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this after a high-level meeting with heads of revenue-generating agencies in Abuja. He stated that all revenues must henceforth be remitted in full to the Federation Account, while operational costs will be disbursed through the national budget.

According to Edun, the decision aligns with President Bola Tinubu’s fiscal reform agenda, which prioritizes accountability, efficiency, and transparency in public fund management. He added that the government is developing a digital monitoring system to track real-time revenue inflows and curb leakages.

The new policy will also compel agencies like the FIRS, Customs, NPA, NIMASA, and NNPC Ltd to adopt stricter reporting standards and comply with the Treasury Single Account (TSA) framework. Analysts say the move could significantly boost national revenue and improve budgetary credibility.

The government pledged to work with relevant stakeholders to ensure a seamless transition and protect staff welfare in affected agencies.