Nigerian Finance Ministry Denies Halting Cost-of-Collection Deductions for Revenue Agencies

The Nigerian Finance Ministry has denied reports suggesting the cessation of cost-of-collection deductions for agencies like FIRS, NUPRC, and Nigeria Customs Service. The Ministry clarified that discussions are ongoing to enhance transparency and efficiency in public finance, following directives from President Bola Tinubu.

The Ministry's statement debunked claims of a new policy ending the retention of funds by revenue agencies. Wale Edun, the Ministry's coordinator, emphasized that revenue flows directly to the federal account to promote fiscal transparency and ensure adequate funding for all levels of government.