Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, announced that the Federal Government generated a record N33tn in revenue between January and October 2026. Enhanced digital tax administration and electronic invoicing significantly bolstered collections during this period.
Oyedele disclosed this milestone while delivering a convocation lecture at the University of Uyo in Akwa Ibom State. He urged stakeholders to scale up investments in national digital infrastructure to bolster economic competitiveness and government revenue mobilisation. Senior Special Assistant on Communications and Press Secretary Maryann Duke released a statement detailing the address on Thursday.
According to the statement, Oyedele highlighted improved digital systems, specifically electronic invoicing, as a primary catalyst for the record-breaking N33tn collection. The minister stated that this financial performance underscores technology’s capacity to streamline revenue administration, enhance compliance, and drive institutional efficiency.
Delivering a lecture themed “Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,” Oyedele cautioned that Nigeria risks losing critical economic opportunities by maintaining a heavy reliance on foreign digital infrastructure. Referencing Nigerian Communications Commission data, he noted that the country registered more than 157 million active internet subscriptions by May 2026. These connections yield massive volumes of data through financial transactions, education, healthcare, and taxation.
Citing estimates from the Nigeria Data Protection Commission, Oyedele revealed that approximately 90 per cent of Nigerian data is hosted abroad. He warned that this heavy reliance strains foreign exchange reserves, limits local employment, suppresses technological skills acquisition, and compromises national control over citizen-generated information.
Drawing a parallel to Nigeria’s historical dependence on imported refined petroleum products, the minister cautioned against an economic model where domestic data is processed overseas and sold back to local users. He advocated robust investments in domestic data infrastructure, cybersecurity, technical expertise, and predictable regulatory frameworks to empower local enterprises. Furthermore, he clarified that digital sovereignty must not lead to technological isolation, but rather strengthen international market competitiveness.
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Addressing the graduating cohort, Oyedele encouraged young Nigerians to pioneer technological solutions rather than remain passive consumers of foreign products. He framed artificial intelligence as both a disruptive force and an innovation catalyst, advising graduates to pair technical skills with critical thinking, creativity, sound judgement, and integrity.
The minister also warned against reckless online behaviour, noting that digital footprints increasingly dictate career prospects, commercial partnerships, and professional standing. He called upon universities to deepen partnerships with government and industry to formulate practical solutions across agriculture, energy, healthcare, environmental sustainability, and digital services. Higher institutions must measure success beyond graduation figures and academic publications by highlighting businesses created and economic problems resolved.
Concluding his address, Oyedele outlined five core priorities for the graduates: continuous learning, value creation, integrity, responsible digital citizenship, and active participation in national development. “Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” he told the audience.
Athekame Kenneth is a politics, economy, and finance reporter whose work is anchored in sharp investigative storytelling. He brings analytical depth to every piece, drawing on a strong academic foundation that includes a degree in Economics, an MBA in International Trade, and a minor in Petroleum Economics from Lagos State University, Ojo. His reporting blends rigorous research with a keen eye for hidden truths, delivering stories that illuminate power, policy, and the forces shaping everyday lives.
