FAAN to end cash collections as Nigerian govt eyes e-invoicing

The Federal Airports Authority of Nigeria (FAAN) has announced that it will discontinue all cash collections and payments across its operations effective February 29, 2026.

The directive was issued by the agency’s Managing Director, Ms Olubunmi Kuku, in a memo dated February 3, 2026, and circulated to all departments. She explained that the decision followed approval by the Federal Executive Council (FEC) to end cash transactions in alignment with the Nigerian government’s drive toward a cashless economy.

According to the memo, FAAN would be required to strictly adhere to the government’s cashless policy by migrating all financial and commercial activities to approved electronic payment platforms.

The communication further directed that all cash collections related to official FAAN business must cease on or before the February 29, 2026 deadline.

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Directors were instructed to take immediate action to ensure full compliance within their respective departments. The memo emphasized that only approved alternative payment channels should be utilized going forward, warning that any cash transaction conducted after the stipulated date would attract stiff penalties.

Nigerian govt’s e-invoicing

Meanwhile, the Nigeria Revenue Service (NRS) said it will phase rollout of its electronic invoicing and fiscal monitoring system in order to adequately strengthen tax administration and improve transparency, while promoting voluntary compliance among businesses.

Executive Chairman, NRS. Zacch Adedeji, said this in a ublic notice on Monday, stressing that E-Invoicing & Electronic Fiscal System, also known as the Merchant Buyer Solution, was being implemented in stages across taxpayer categories based on annual turnover thresholds.

“Since the official go-live, significant progress has been recorded, with the onboarding of the majority of large taxpayers, many of whom have commenced the successful transmission of invoice data to the MBS platform,” Mr Adedeji noted.

The NRS said it will expand the rollout to medium and emerging taxpayer segments to include stakeholder engagement, pilot testing, go-live implementation, post-deployment review, and eventual compliance enforcement.

Mr Adedeji further explained that technology for tax administration and the Nigeria Tax Act mandate taxpayers to implement fiscalisation systems introduced by the authority.

He appealed to businesses to identify their categories and participate actively in onboarding activities, stressing that enforcement will only begin after engagement, pilot, and post-go-live review phases are completed.