By Oyinkansayo Wole-Bodunde.
The Federal Ministry of Finance has denied reports suggesting a policy change regarding the deduction of collection costs by revenue-generating agencies.
According to the ministry, there has been no alteration to the existing policy.
The ministry said, “The Federal Ministry of Finance wishes to address recent media reports suggesting that the Federal Government has discontinued the practice of allowing revenue-generating agencies such as FIRS, NUPRC, and NCS to deduct their cost of collection at source. We categorically state that these reports are inaccurate and misleading.”
The ministry emphasized that no announcement was made by Minister of Finance, Wale Edun or any other authority indicating a policy change. The ministry also said, “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 ministry confirmed that discussions are ongoing to review the cost-of-collection structure, as directed by President Bola Tinubu, aimed at enhancing transparency, efficiency, and value-for-money in public financial management. However, no final decision has been made on this matter.
