Forum of State Commissioners of Finance: Enabling Fiscal Discipline, Macroeconomic Stability and Growth across Nigeria’s 36 States.

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Latest News

FIRS BEGINS E-INVOICING, ELECTRONIC FISCAL SYSTEM FOR LARGE TAXPAYERS ...

In a significant transformation of digital tax administration, the Federal Inland Revenue Service (FIRS) has commenced an electronic invoicing solution (e-invoicing) aimed at revolutionising tax payment in the country.The e-invoicing system, also known as the Merchant-Buyer Solution (MBS), aims to make tax compliance easier, faster and more transparent for all categories of taxpayers.The e-invoicing solution went live on August 1, following a successful pilot phase which began in November 2024.Large taxpayers, companies with annual turnover of N5billion and more, are expected to be the first to be onboarded on the platform.In less than two weeks of the initiative going live, 1,000 companies, representing 20% of the 5,000 eligible firms, embraced the solution and commenced integration with the FIRS MBS platform.The remaining large taxpayers are expected to come onboard on or before November 1, the deadline for all the firms in the category to finalise their onboarding and integration processes.MTN Nigeria became the first taxpayer to transmit live electronic invoices to the FIRS, officially ushering in the e-invoicing regime. Huawei Nigeria and IHS Nigeria have also concluded test transmissions and are set to go live in the coming days.“In collaboration with the National Information Technology Development Agency (NITDA), Service Providers have been incorporated into the ecosystem to act as System Integrators and Access Point Providers. These providers will facilitate taxpayers' onboarding, integration, and invoice transmission processes.The statement added that FIRS commended all large taxpayers, tax consultants, and service providers for their cooperation and commitment to the success of the e-invoicing project.“We...

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Overview Of The FCF, Ng

The Forum of Commissioners of Finance in Nigeria serves as a vital platform for collaboration, knowledge exchange, and strategic decision-making among finance commissioners across the country. Its primary purpose is to foster dialogue, share best practices, and address critical financial challenges faced by states and the nation as a whole. Under the leadership of a Chairman, commissioners actively participate, ensuring diverse perspectives and regional considerations. Key focus areas include budget formulation, revenue mobilization, debt management, financial accountability, economic diversification, and investment promotion. The forum collaborates with the Nigerian Governors Forum (NGF) and engages with federal agencies like the Economic and Financial Crimes Commission (EFCC). Achievements include improved financial management practices, but challen…

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Frequently Asked Questions

The Forum of Finance Commissioners in Nigeria (FCFN) is a non-partisan body comprising the Finance Commissioners of all 36 states in Nigeria. The forum serves as a platform for ensuring fiscal discipline, discussion, coordination, and the exchange of ideas on financial matters affecting the states and the nation as a whole. FCFN aims to enhance the fiscal policies of each state, ensuring alignment with national economic goals.

The primary objectives of FCFN include:

  • Facilitating dialogue and collaboration among state Finance Commissioners,
  • Foster collaboration between the 36 states, in a bid to influence the decisions of the Federation Account Allocation Committee (FAAC)
  • Promoting best practices in public financial management across the states.
  • Advising on and contributing to national fiscal policies.
  • Coordinating efforts to address common financial challenges faced by states.
  • Enhancing transparency and accountability in the management of state resources.

The Forum of Finance Commissioners in Nigeria meets monthly. These meetings provide an opportunity for commissioners to discuss current financial issues, share insights, and develop strategies for addressing economic challenges at both the state and national levels. Additional meetings may be convened as needed to address urgent matters.

Membership in FCFN provides several benefits, including:

  • Access to a network of financial experts from all states.
  • Opportunities to share and adopt best practices in public financial management.
  • Collaborative problem-solving on issues that affect multiple states.
  • A collective voice in national financial policy discussions.
  • Training and capacity-building programs for state finance personnel.

FCFN engages with the Federal Government through regular consultations and dialogue on fiscal policies and matters affecting the states. The forum provides input on federal fiscal decisions, ensuring that state interests are considered. Additionally, FCFN works closely with federal agencies to implement and monitor national financial policies at the state level.