The Federal Ministry of Finance has dismissed reports claiming that the Federal Government has halted revenue-generating agencies from deducting their cost of collection at source.

In a statement posted on X on Friday, the Ministry described the reports as “inaccurate and misleading,” stressing that the existing cost-of-collection framework remains unchanged.

The clarification, signed by Mohammed Manga, Director of Information and Public Relations, noted that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made no announcement or suggestion of any policy change during his remarks at the World Bank’s Nigeria Development Update event.

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

However, the Ministry acknowledged that “ongoing policy discussions” are taking place in line with President Bola Ahmed Tinubu’s directive to review the cost-of-collection framework. The discussions, it explained, aim to “enhance transparency, efficiency, and value-for-money in public financial management.”

It further assured that revenue operations remain unaffected, adding that any future adjustments to the policy would be implemented through “due process, stakeholder engagement, and clear communication.”

The Ministry urged media organisations to confirm information through official channels before publication, cautioning against reports that could “create unnecessary confusion.”

“We urge media organisations to seek clarification from official sources before publishing information that may cause unnecessary confusion,” it stated.

It reaffirmed its commitment to “building a stronger, more transparent, and sustainable economy.”