Sopuruchi Onwuka

Medium and large companies in Nigeria have been given additional time to comply with the Federal Inland Revenue Service’s (FIRS) new electronic invoicing (e-Invoicing) system, which links corporate transactions directly to tax monitoring platforms.

Ad >>>

The extension applies to businesses with an annual turnover of about ₦5 billion that are required to report commercial transactions or electronic invoices to the FIRS. The initial deadline of November 1 has now been shifted, giving affected companies a brief window to integrate fully with the digital system.

The update was disclosed in a presentation by the Deputy General Manager for Business Development at eTranzact International Plc, Adedayo Adejokun, during a webinar hosted by the Women in Energy Network (WIEN) on “Driving Compliance through Technology: Facts about FIRS e-Invoicing Rollout.”

The session was facilitated by the Executive Secretary of WIEN, Engr Asanimo Omezi, while the presentation was delivered Marvis Lucky on behalf of eTranzact team that attended the virtual event.

Marvis Lucky

Marvis explained that the e-Invoicing framework enables real-time validation of transactions, automatic tax computation, and enhanced fiscal transparency. She noted that eTranzact’s secure platforms help companies integrate seamlessly with FIRS systems, automate Value Added Tax (VAT) and Withholding Tax (WHT) processes, and eliminate manual reconciliations and audit delays.

“The FIRS e-Invoicing system is not a disruption; it’s a direction toward a more transparent, efficient, and globally competitive Nigeria,” she said. “Compliance isn’t just about meeting a deadline — it’s about building trust with regulators, investors, and customers.”

Hosting the webinar, WIEN Executive Secretary, Engr. Asanimo Omezi, said the session was part of the group’s policy education efforts to help women in the energy sector understand and adapt to emerging regulatory changes. She emphasized that technology-driven compliance would strengthen accountability and boost investor confidence in Nigeria’s oil and gas industry.

The FIRS e-Invoicing initiative — known as Merchant Buyer — requires all taxable transactions to be reported digitally and validated in real time. Each invoice is assigned a unique Invoice Reference Number (IRN) and QR code, preventing duplication or under-reporting.

The system aims to improve transparency, accuracy, and efficiency in tax reporting, ensuring that tax data is captured at the source rather than after the fact. It aligns with global standards set by the Organisation for Economic Co-operation and Development (OECD) and the African Tax Administration Forum (ATAF).

Analysts say the reform is central to Nigeria’s goal of increasing non-oil revenue, reducing leakages, and raising its low tax-to-GDP ratio, currently between 10 and 11 percent.

For the oil and gas sector, where transactions are complex and high-value, e-Invoicing is expected to enhance VAT traceability, reduce audit risks, and improve fiscal governance.

According to eTranzact, its integration tools provide companies with a compliance dashboard for real-time monitoring, NDPR-compliant data security, and training support to simplify onboarding.

“The goal is to simplify compliance, save time and cost, and strengthen governance and credibility with FIRS,” Adejokun concluded.