{"id":76316,"date":"2025-10-09T08:27:14","date_gmt":"2025-10-09T08:27:14","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=76316"},"modified":"2025-10-09T08:27:14","modified_gmt":"2025-10-09T08:27:14","slug":"fg-abolishes-revenue-deductions-to-boost-fiscal-transparency","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2025\/10\/09\/fg-abolishes-revenue-deductions-to-boost-fiscal-transparency\/","title":{"rendered":"FG Abolishes Revenue Deductions to Boost Fiscal Transparency"},"content":{"rendered":"<p><strong>By Huldah Shado<\/strong><\/p>\n<p>The Federal Government has scrapped all revenue collection deductions by agencies such as the Federal Inland Revenue Service (FIRS), Nigerian Customs Service (NCS), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC), to improve fiscal transparency and accountability.<\/p>\n<p>Finance Minister Wale Edun announced the reform on Wednesday in Abuja during the launch of the World Bank\u2019s Nigeria Development Update report, themed \u201cFrom Policy to People: Bringing the Reform Gains Home.\u201d<\/p>\n<p>Edun said the directive, issued by President Bola Tinubu, aims to ensure that all revenues flow directly into the Federation Account for equitable distribution to the federal, state, and local governments through FAAC.<\/p>\n<p>According to him, the move eliminates \u201cmultiple and opaque deductions\u201d that previously reduced the distributable pool. \u201cFunds are now being remitted fully to the Federation Account as provided by the Constitution,\u201d he said.<\/p>\n<p>He added that the measure would strengthen fiscal governance, improve transparency, and ensure predictable revenue for development projects across the country.<\/p>\n<p>Under the old arrangement, agencies retained a percentage of generated revenues as \u201ccost of collection,\u201d a practice critics said inflated expenses and weakened accountability.<\/p>\n<p>The World Bank\u2019s Lead Economist for Nigeria, Samer Matta, noted that while revenue collection has grown in 2025, excessive deductions had previously limited real gains.<\/p>\n<p>The Bank\u2019s latest report shows Nigeria\u2019s economy grew by 3.9% in the first half of 2025, driven by stronger performances in services, non-oil sectors, and agriculture.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Huldah Shado The Federal Government has scrapped all revenue collection deductions by agencies such as the Federal Inland Revenue Service (FIRS), Nigerian Customs Service (NCS), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC), to improve fiscal transparency and accountability. Finance Minister Wale Edun announced the reform on Wednesday in Abuja during the launch of the [&hellip;]<\/p>\n","protected":false},"author":33,"featured_media":76317,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173,1756,172],"tags":[],"class_list":["post-76316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-economy","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/76316","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=76316"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/76316\/revisions"}],"predecessor-version":[{"id":76318,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/76316\/revisions\/76318"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/76317"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=76316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=76316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=76316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}