The Nigeria Revenue Service (NRS) said the rollout of electronic invoicing (e-invoicing) will strengthen tax compliance, curb revenue leakages and improve transparency in tax administration as it moves to fully digitise the country’s tax system.

The Project Lead, NRS e-Invoicing Project, Mohammed Bawa, stated this at the DigiTax E-Invoicing Compliance Breakfast Session held in Lagos.

The event, organised by DigiTax, an NRS-accredited e-invoicing platform, formed part of efforts to support the agency’s ongoing education and sensitisation campaign on the e-invoicing mandate.

Bawa said the initiative aligns with global trends in tax digitization and is expected to help improve Nigeria’s tax-to-GDP ratio, which remains one of the lowest in Africa.

According to him, the system will provide the NRS with greater visibility into transactions across sectors, formalise activities within the informal economy and standardise invoice formats nationwide using globally recognized invoice schemas.

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He added that e-invoicing would improve operational efficiency for both businesses and tax authorities while supporting the NRS’ transition from manual and electronic tax administration processes to a fully automated system-to-system interaction model.

Bawa noted that the legal framework for implementation is backed by the Nigeria Tax Administration Act, which prescribes penalties for non-compliance.

He disclosed that the NRS has completed onboarding large taxpayers and is preparing to enforce compliance with defaulting entities.

According to him, medium taxpayers are expected to begin compliance in the third quarter of 2026, while onboarding of emerging taxpayers will commence in 2027, with full adoption targeted for all taxpayers by the end of 2028.

Bawa urged taxpayers yet to be onboarded onto the platform to begin the process and work with accredited service providers to ensure compliance.

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Speaking at the event, Country Director of DigiTax Nigeria, Olumide Akinsola, urged businesses to look beyond their internal systems and assess the compliance status of suppliers and counterparties.

He warned that businesses whose suppliers fail to transmit invoices through the MBS platform risk losing eligibility to claim Value Added Tax (VAT) input credits on such transactions, describing the resulting supply chain exposure as a significant commercial risk that many organisations have yet to quantify.

Akinsola also announced the launch of DigiTax’s white paper, ‘The State of E-Invoicing Readiness in Nigeria,’ which examines compliance adoption trends and the readiness gap across different taxpayer segments.

He added that DigiTax operates in Nigeria, Kenya, Zambia and the United Arab Emirates (UAE), noting that experience from those markets shows businesses that integrate early are better positioned to avoid disruptions when enforcement begins.

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Fidelity Bank Plc has reaffirmed its commitment to community development with a comprehensive intervention at Heritage Homes Orphanage in Anthony Village, Lagos, aimed at improving the welfare and living conditions of children at the facility.

L-R: Team Lead, Corporate Social Responsibility (CSR), Fidelity Bank Plc, Victoria Abuka; Assistant General Manager, Heritage Homes Orphanage, Irene Light; and President, Audacious Inductees Class of 2026, Fidelity Bank Plc, Aanuoluwa Akinyemi; during the Fidelity Helping Hands Programme (FHHP) Outreach at Heritage Homes Orphanage, Anthony, Lagos recently.

The intervention was carried out under the Fidelity Helping Hands Programme (FHHP), the bank’s employee-led Corporate Social Responsibility (CSR) initiative that enables staff to identify community needs, raise funds and receive matching support from the bank to execute impactful projects.

The outreach, championed by the bank’s Audacious Class of newly inducted employees, included renovation of damaged roofing and suspended ceilings, fumigation of the orphanage, donation of food items and payment of school fees for some of the children.

Speaking during the outreach, Divisional Head, Brand and Communications, Fidelity Bank Plc, Dr. Meksley Nwagboh, said the initiative reflected the bank’s commitment to empowering employees to make meaningful contributions to their communities.

According to him, the programme allows staff to devote their time, resources and expertise to projects that improve lives and create lasting social impact.

“The Audacious Class identified Heritage Homes Orphanage, assessed its most pressing needs and implemented three key interventions—infrastructural renovation, food donation and payment of school fees.

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“We are delighted to be part of their journey. Today, these children have a secure roof over their heads, access to essential food supplies and the assurance that their education will continue. This is the kind of sustainable impact the Fidelity Helping Hands Programme was designed to achieve,” he said.

Nwagboh reiterated the bank’s commitment to supporting initiatives that promote sustainable development and improve the quality of life in communities where it operates.

Responding, the Assistant General Manager of Heritage Homes Orphanage, Mrs Irene Light, expressed appreciation to the bank, describing the intervention as timely and life-changing.

She said the renovation of the facility, provision of food items, fumigation and payment of school fees had brought relief and renewed hope to the children and management of the orphanage.

“We sincerely appreciate Fidelity Bank for this remarkable act of kindness. Their generosity has restored dignity to this home and created a safer, healthier and more conducive environment for our children,” she said.

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Light also prayed for the continued growth and success of the bank, commending its commitment to improving the lives of vulnerable members of society.

Fidelity Bank Plc serves more than 10 million customers through its digital banking platforms, 255 business offices across Nigeria and its United Kingdom subsidiary, FidBank UK Limited.

The bank has received several local and international recognitions for its performance in retail banking, SME financing, trade finance, innovation and community development.

Nigeria’s net foreign exchange reserves have risen significantly from about three billion dollars to 40 billion dollars, reflecting improved external liquidity and growing investor confidence following recent foreign exchange reforms.

The development has been attributed to a series of monetary and foreign exchange policy reforms aimed at improving transparency in the foreign exchange market, enhancing liquidity and attracting foreign capital into the economy.

Analysts said the increase in net reserves represents a major improvement in Nigeria’s external financial position and provides a stronger buffer against external economic shocks.

The foreign exchange reforms introduced by the Central Bank of Nigeria (CBN) include measures to unify exchange rate windows, improve price discovery, clear outstanding foreign exchange obligations and strengthen market confidence.

Economic experts noted that the reforms have contributed to increased foreign portfolio inflows, improved access to foreign exchange and greater confidence among domestic and international investors.

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They said the stronger reserve position would support exchange rate stability, improve the country’s credit profile and enhance the CBN’s capacity to meet external obligations.

According to the experts, rising net reserves also strengthen Nigeria’s ability to finance imports, manage balance-of-payments pressures and cushion the economy against global financial uncertainties.

The improvement comes as the Federal Government continues to implement broader economic reforms aimed at restoring macroeconomic stability, boosting investment and accelerating economic growth.

Stakeholders, however, stressed the need to sustain policy consistency, increase non-oil exports and attract long-term foreign direct investment to preserve the gains recorded in the external sector.

They also urged continued efforts to diversify the economy, strengthen domestic production and improve export competitiveness to ensure sustainable growth in the country’s foreign reserves.

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The increase in net reserves is expected to reinforce confidence in Nigeria’s economy and support ongoing efforts to achieve fiscal and monetary stability.