The Federal Inland Revenue Service (FIRS) says that no fewer than 1,000 companies, representing 20% of total eligible firms, have begun integrating its newly launched electronic invoicing  (e-invoicing) system less than two weeks after it went live.

The FIRS e-invoicing platform, which went live on August 1, 2025, after a successful pilot phase that began in November 2024, was designed to modernise Nigeria’s tax administration, curb evasion, and enhance transparency in revenue generation. It also provides the FIRS with real-time visibility into commercial transactions, ensuring authenticity and completeness of invoices.

According to a statement by Dare Adekanmbi, special adviser on Media to FIRS Chairman Zacch Adedeji, at least 1,000 companies, representing 20% of more than 5,000 eligible firms, have already adopted the system and begun integrating with the FIRS platform.

Adekanmbi noted that the initiative, also known as the Merchant-Buyer Model, will be rolled out in phases. “Large taxpayers, which are companies with annual turnover of N5 billion and more, are expected to be the first to be onboarded on the platform,” he said.

FIRS revealed that MTN Nigeria was the first taxpayer to transmit live electronic invoices to the platform, while Huawei Nigeria and IHS Nigeria have concluded test transmissions and are expected to go live soon.

The agency added that the initial compliance deadline of August 1, 2025, has been extended by three months to accommodate companies currently facing onboarding challenges. The new deadline is now November 1, 2025.

Key players and experts in Nigeria’s oil and gas and power sectors have called for concerted measures and actions that will lead to property utilization of the country’s vast gas reserves.

Key players and experts in Nigeria’s oil and gas and power sectors have called for concerted measures and actions that will lead to property utilization of the country’s vast gas reserves.

They expressed the opinion that Nigeria’s gas reserves are critical asset towards achieving the ongoing energy transition that will be affordable and sustainable.

Speaking at the 4th Oriental News conference in Lagos on Thursday July 24,2025 themed’ , “Integrating Nigeria’s Gas Potentials into Strategic Energy Transition Initiatives,” the Manager, Energy Transition NLNG, Temitope Ogedengbe, advised that Nigeria must avoid adopting a “copy-paste” approach to energy transition, insisting that the country must tailor its strategy to reflect local realities, including the urgent need for economic growth, energy security, and national development.

“Our transition must leverage our unique strengths and resources to grow our economy,” Ogedengbe said. “Energy transition should not be a copy-paste exercise.

“Nigeria must design its own, since we need economic development, energy security, and to address developmental issues.”

Ogedengbe, while highlighting challenges around gas utilisation, lamented that despite Nigeria’s abundant natural gas resources, a large portion is still being flared or reinjected due to the absence of viable commercial arrangements.

“We’re not taking nearly the amount we should be. We are still failing and reinjecting because there is no commercial arrangement to optimise this; for many reasons,” he stated.

He noted that while marginal fields hold potential, they are difficult to produce economically. 

“The issues there are marginal fields, which are difficult to produce,” he said, adding that the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) Gas Flaring Commercialisation Programme is trying to address this.

According to him, a significant chunk of Nigeria’s gas is still either exported or flared, while domestic utilisation and value addition remain underdeveloped.

 “We are not investing enough, and we are not examining the right approaches,” he added.

Speaking on the global LNG market, Ogedengbe noted that although there is still a market for  LNG produced by Nigeria, demand patterns are shifting, particularly in Europe, where buyers now favour lower-carbon LNG options.

He said, “There is still a market for LNG produced in Nigeria, but what is happening is that Europe is asking for lower-carbon LNG. 

“There’s a need to use operational levers to reduce carbon, attract premium markets, and unlock funding opportunities, including through reduced taxes and levies.”

He further stated the NLNG remains central to Nigeria’s gas future, revealing that the company plans to expand its capacity to 30 million tonnes per annum.

” As part of its energy transition strategy, the company is integrating technologies and processes aimed at reducing emissions and generating carbon credits.

“We’re using offsets to reduce our emissions, both at the national and international levels, to take carbon out of the atmosphere and promote our operations,” he explained.

Ogedengbe emphasized the need for a multi-pronged, well-coordinated approach to decarbonising the country’s gas sector to ensure long-term viability and global competitiveness.

Also, at  the same conference, former Power Minister, Prof. Bart Nnaji said that shortage of gas supply and infrastructure deficit has continued to act as disincentive to investment and growth of the power sector.

Nnaji, said in the next two decades power generation in the country will be dominated by gas fired plants.

He attributed Nigeria’s persistent gas shortage to inadequate investment in gas infrastructure and called for more support from both government and the private sector.

Nnaji, who chaired the event, addressed stakeholders from across the oil and gas value chain, including key government officials.

He said the country’s gas sector remains underdeveloped due to insufficient investment in extraction, transmission, and transportation.

“The focus should not rest solely on government-led efforts — the private sector must also play a vital role,” the former minister said.

“What we need is for the government to act as a true enabler, offering the necessary support for infrastructure and gas harvesting. It’s baffling that with over 210 trillion cubic feet of gas, we still face local shortages.

“We’re unable to produce sufficient quantities to support operations across the country. Though operations improved this year, they weren’t previously at full capacity. A seventh train is underway, but we need more gas.”

He said Nigeria’s history of mining and exporting coal before abandoning it reflects a wider pattern of resource neglect.

Nnaji said gas-fired plants are critical to Nigeria’s power generation, emphasising the need for a reliable supply to ensure thermal plants operate effectively.

He noted that Geometric Power Ltd, which he chairs, is among the companies generating electricity through thermal sources.

“For effective supply from thermal plants, an adequate and reliable gas supply is vital. While we have hydro power, gas-fired plants remain dominant and will likely stay that way for the next ten to twenty years,” he said.

Nnaji acknowledged the role of renewable energy in rural electrification but maintained that Nigeria’s baseload power must continue to come from gas or hydro sources.

He noted that hydro power, however, comes with limitations that require regional cooperation.

In her submission, Engr. Chichi Emenike, Acting Managing Director and Gas Asset Manager of Neconde Energy Limited, sounded alarm over the consequences of some policies of Government that has undermined the ongoing energy transition.

According to her, unpaid gas supplies, dollarised operations, and policy inconsistencies are discouraging investment in the sector.

Emenike, said Neconde, for instance, has gas that has been produced and supplied to the electricity generation companies (GenCos) and that has not been paid for almost two years now.”

“This is a serious conundrum, whereas we have sourced funds from somewhere to produce these gas molecules from our facilities. How am I going to pay back?”

Emenike further explained that Nigeria’s upstream gas production is highly dollarised, making it costlier than crude oil development and difficult to sustain without a commercially viable framework.

“Don’t forget that the gas production industry is highly dollarised, including the requisite inputs. There is no part of the operation, including the technology, that is produced locally. The bulk of it has to be imported in US$.

“The O&M, well drilling, and accessories to drill a gas well are all dollarised. So, it costs more than what it costs to drill a crude oil well. The handling of a gas well is highly sophisticated, unlike that of crude oil.”

Speaking on systemic issues within the gas-to-power value chain, Engr. Emenike said, “Over 500 million standard cubic feet (scf) of gas are being transported with the NGIC pipeline.

“If you multiply this figure by one dollar, you will understand the cost. Whereas so much money went into drilling some of these wells, it costs $35,000 plus or minus, and that is outside other assumptions of fees.”

Commenting on the financing and investment environment, Emenike called for a pragmatic national energy plan that begins with achievable goals, rather than lofty ambitions.

“Let us start with what is doable; I mean the low-hanging fruit. Let us stop with big numbers. We should tidy up small fields that are struggling to juggle both CAPEX and OPEX.

“We need to sit down once as a nation to be selfish enough to determine what is needed to take care of Nigeria’s economy alone in the Gulf of Guinea.”

She called for urgent clarity on Nigeria’s position in the energy transition and a realistic approach to funding.

“Where do we sit as Nigerians today on this energy transition plan? Where is the money to run the transition?

“Presently in Nigeria, it is difficult for a gas investor to determine end-to-end where the funds would be coming from. We need a strategy; we need to be serious. Or else, gas investors would rather take what they should have invested in the Nigerian economy to Mozambique or elsewhere.”

Emenike further warned about the economic risks associated with policy instability.

“Gas economics is such that it must be end-to-end. Even before you draw down the first financing, you have tied that investment to a commercial arrangement.

“When you have a business, as much as you think you know, in the case of Nigeria, once you put your leg out in this economy, you will see so many things flood in unexpectedly. Your IRR (rate of return) goes down the drain due to policy flip-flops and multiplicities of levies and fees.”

She insisted that the sector needs regulatory reforms and an end to what she described as rent-seeking behaviour by government agencies.

“We have to deal with the rent-seeking attitude of our regulators to enable investors repatriate their investment financing.

“They should stop flogging investors with all forms of regulations and later charge them with potential incidents of non-conformity, which translates to fines, even for not operating, after they have created the crisis.”

Calling for collaborative efforts, she advocated infrastructure sharing and coordination within the value chain.

“We need to leverage infrastructure to unlock the stranded assets across the country. We need to look at how to put together our war chest to achieve a lot for the industry. We need to set the rules of the game.”

She emphasised the importance of investor confidence and a market-driven approach.

“Every investor wants to see a clear line of sight. Market forces should be allowed to play out. The government should not create a monopolistic environment that stifles investment. They should allow it to have that flexibility.”

“None of these government officials understand how investors raise capital to finance their projects and the terms of it. Government has no business in business. They should stop the rent-seeking attitude and stop looking for short-term benefits. Quick fixes will not work.”

She has therefore challenged the FG to focus inwardly and begin with achievable solutions.

According to her, “There is much more to be gained if we have a very selfish Nigerian plan that focuses on Nigerian interests alone. This can service the entire Gulf of Guinea if we are serious. Let us start with the small gas fields.

She further urged the FG to stop putting benchmarks on gas for power, adding that the market forces should be allowed to dictate the price.

Engr. Emenike charged the Nigerian government to allow flexibility in the market and encourage alliances within the value chain operators.

Dr. Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) will Chair the 2nd Business Journal Fintech & Financial Inclusion Roundtable 2025 scheduled for Friday, August 29, 2025 at Oriental Hotel, Lekki, Lagos. Time is 10-am prompt.

The theme of the Roundtable is: Fintech & Financial Inclusion: The Opportunities & Challenges for Nigeria.

In a statement, Prince Cookey, Publisher/Editor-in-Chief of Business Journal Media Group said the choice of Umaru Kwairanga to chair the event is a reflection of his immense and chequered journey in the Nigerian economic system over the years.

“Dr. Umaru Kwairanga is a noted player in the Nigerian economy and financial services sector. Over the years, he has carved a positive niche in driving the narrative in national policy formulation, implementation and review. He remains a worthy point of reference and role model to current and future players in the Nigerian economy.”

Alhaji (Dr.) Umaru Kwairanga, Sarkin Fulani Gombe and Group Chairman, Nigerian Exchange Group (NGX), is a notable player in the Nigerian corporate world, a thorough-bred professional and a prominent community leader in Gombe State and the North East region.

He has served at the highest levels of the banking, pension, investment, manufacturing and commercial sectors of Nigeria’s economy. He is the current Chairman of the Nigerian Exchange Group Plc, Nigeria’ oldest stock exchange and also Chairman of Tangerine General Insurance Limited.

The NGX Chairman is also a Director on the Boards of First Bank Senegal Limited, Tangerine Apt Pensions Limited and the Group Managing Director of Finmal Finance Services Limited.  

He is a past Chairman of Ashaka Cement plc and previously served on the Boards of Jaiz Bank Plc, Central Securities Clearing System Plc, Lafarge Africa Plc and First Bank Mortgages Limited to mention a few.

Professionally, Alhaji Kwairanga is a Fellow of the Chartered Institute of Stockbrokers, Chartered Institute of Directors of Nigeria, the Certified Pension Institute of Nigeria and the Abuja Commodities and Securities Exchange.

He is also a Council Member of the Chartered Institute of Stockbrokers; the Chartered Institute of Directors and he is the current President of the Certified Pensions Institute of Nigeria.

Kwairanga is a holder of the prominent traditional title of Sarkin Fulani Gombe and has led several initiatives for peace and development in Gombe State and the North East region in general.

He has also been involved in policy and strategy formulation in the public sector as a Member of the Vision 2020 Committee, the Presidential Advisory Committee on the Nigerian Industrial Revolution Plan and several committees of the Securities and Exchange Commission (SEC).