The Federal Inland Revenue Service (FIRS) has called on large tax consultants to embrace the newly introduced electronic invoicing (e-invoicing) system, emphasizing its role in boosting Nigeria’s tax-to-GDP ratio.
This call was made during a stakeholder engagement forum in Lagos, where FIRS officials outlined the importance of the phased rollout of the e-invoicing system, targeting consultants handling large taxpayers.
According to the Revenue Statistics in Africa 2023, Nigeria’s tax-to-GDP ratio stood at 10.6%, reflecting progress from 6.3% in the previous year. However, the Federal Government aims to increase this figure to 18%. The introduction of the National E-Invoicing Solution in 2024 is expected to be a game-changer, offering real-time insights into business transactions and financial data.
Speaking at the event, the Director of the Competent Authority Department at FIRS, Sunday Okeowo—represented by Director of Field Operations Management, Matthew Osanekwu—urged tax consultants to support the digital transformation. He emphasized that they play a crucial role in ensuring a smooth transition by helping businesses integrate the system, offering training, and advising on compliance.
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“Tax consultants must realize that change has come. FIRS is on a journey to becoming one of the most trusted and efficient tax systems in the world,” Osanekwu said. He stressed that moving from manual to digital invoicing would bridge the compliance gap and help achieve the government’s 18% tax-to-GDP target.
Tayo Koleosho, Chief of Staff to the Executive Chairman of FIRS, reaffirmed the significance of tax consultants in this process. “Today is about informing tax consultants where we are on this project and seeking their support to guide clients through the process,” he said.
The e-invoicing system is set to go live by July 2025. According to Project Manager Mohammed Bawa, tax consultants have welcomed the initiative, recognizing its potential to simplify tax administration, improve compliance, and enhance the ease of doing business in Nigeria.
