Nigeria TV Info — Finance Ministry Denies Reports on Stopping Revenue Agencies’ Cost of Collection Deductions

Abuja, Nigeria — The Federal Ministry of Finance has debunked media reports claiming that the Federal Government has halted the practice of allowing revenue-generating agencies to deduct their cost of collection at source.

In a statement posted on X (formerly Twitter) on Friday, the Ministry described the reports as “inaccurate and misleading,” emphasizing that the existing policy framework remains unchanged.

The clarification, signed by Mohammed Manga, Director of Information and Public Relations, stated that the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, did not announce or suggest any change during his remarks at the Nigeria Development Update (NDU) event organized by the World Bank.

> “At no point during his remarks did the Honourable Minister of Finance announce or imply any change to the existing policy on cost of collection deductions,” the statement read in part.

The Ministry reiterated that there has been no policy change regarding the deduction of cost of collection at source by revenue-generating agencies, stressing that the current framework remains in effect.

However, it confirmed that ongoing policy discussions are being held in line with President Bola Ahmed Tinubu’s directive to review the cost-of-collection structure. These discussions, according to the Ministry, are aimed at “enhancing transparency, efficiency, and value-for-money in public financial management.”