By Newspot Nigeria Editorial Desk
Newspot Nigeria acknowledges that this clarification from the Federal Ministry of Finance was issued on October 8, 2025. This updated report reflects the official position of the Ministry as of the date of publication. We remain committed to accuracy, prompt correction, and transparency in our reporting.
In response to widespread media reports claiming that President Bola Ahmed Tinubu had abolished the cost-of-collection deductions by Nigeria’s major revenue-generating agencies, the Federal Ministry of Finance has issued an official clarification denying any such policy change.
In a statement signed by Mohammed Manga, FCAI, Director of Information and Public Relations, and released on October 8, 2025, the Ministry described the reports as
“inaccurate and misleading.”
According to the Ministry, no decision has been made to end the practice that allows agencies such as the Federal Inland Revenue Service (FIRS), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and Nigeria Customs Service (NCS) to deduct their cost of collection at source.
“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 statement read.
The Ministry, however, confirmed that policy discussions are ongoing in line with President Tinubu’s directive to review the structure of the cost-of-collection system. The aim, it said, is to enhance transparency, efficiency, and value-for-money in public financial management.
Earlier this week, several media outlets (including Newspot Nigeria) published reports interpreting the Minister of Finance, Mr. Wale Edun’s remarks at the World Bank’s Nigeria Development Update (NDU) event as an announcement of immediate abolition. The Ministry’s clarification has now confirmed that those reports were based on misinterpretation, not an official decision.
“What is underway are ongoing policy discussions… However, no final decision has been made on this matter,”
the statement emphasized.
Newspot Nigeria regrets any confusion that may have arisen from earlier reports and reaffirms its dedication to factual, accountable, and ethical journalism.
The Ministry assured Nigerians that revenue operations continue uninterrupted, and that any future adjustments to the cost-of-collection policy will follow due process, stakeholder engagement, and official communication.
Report by Newspot Nigeria — accurate, timely, and accountable.
