The Federal Inland Revenue Service, FIRS, has inaugurated the National E-Invoicing Solution Inter-Agency Steering Committee.
The objective is to digitize Nigeria’s tax system and improve overall compliance, transparency and administrative efficiency.
This multi-agency committee will oversee the implementation of an electronic invoicing system, which is designed to automate the issuance, validation, and tracking of invoices in real-time.
The system will enable both the FIRS and other relevant government bodies to monitor business transactions instantly, thereby reducing under-reporting, improving revenue collection, and curbing tax evasion and fraud.
The committee comprises representatives from major regulatory and enforcement bodies, including the Central Bank of Nigeria, Nigeria Customs Service, Federal Ministry of Finance, Corporate Affairs Commission, and the Nigerian Financial Intelligence Unit.
Their roles will include guiding the rollout of the e-invoicing platform, formulating policy recommendations, setting technical standards, and coordinating with stakeholders across both the private and public sectors.
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FIRS Chairman, Zacch Adedeji declared that the goal of the initiative is to “transform how transactions are documented and reported for tax purposes, ensuring accuracy, transparency, and trust in the fiscal system.”
The benefits of the initiative include real-time monitoring of VAT and withholding tax obligations, minimization of manual errors and document fraud, improved business compliance through standardized invoicing procedures, and a reduction in audit disputes thanks to transparent record-keeping.
It will also help align Nigeria with global best practices, particularly among OECD countries where e-invoicing is widely adopted.
The FIRS is expected to pilot the solution with selected businesses in the manufacturing, telecom, and financial sectors before expanding nationwide. The steering committee will monitor the pilot’s success and make adjustments for full-scale deployment by 2026.
Tax experts and economic analysts have praised the move, calling it a timely innovation amid Nigeria’s push for non-oil revenue generation. Businesses are being encouraged to begin adapting their accounting systems to comply with the upcoming invoicing standards.
Crediblenewsng.com
