The Federal Government has ended the long-standing practice allowing revenue-generating agencies such as FIRS, Customs, and NUPRC to retain portions of collected funds as “cost of collection.”

Announcing the reform in Abuja, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said all revenues will now flow directly into the Federation Account (FAAC), a move aimed at promoting fiscal transparency and ensuring greater funds for federal, state, and local governments.

He emphasized that the decision aligns with President Tinubu’s fiscal reform agenda, designed to enhance efficiency, accountability, and equitable resource distribution nationwide.