The Federal Government generated a record N33tn in revenue between January and October 2026, with improvements in digital tax administration and electronic invoicing boosting collections.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this while delivering the convocation lecture at the University of Uyo, Akwa Ibom State, where he called for greater investment in Nigeria’s digital infrastructure to strengthen economic competitiveness and government revenue mobilisation.
This was contained in a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.
The statement said Oyedele pointed to “improved digital systems, including electronic invoicing, as a key driver behind a record N33tn in government revenue collected between January and October 2026.”
The minister said the performance demonstrated the potential of technology to improve revenue administration, strengthen compliance and increase efficiency across government institutions.
Speaking on the theme, “Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,” Oyedele warned that Nigeria risked losing substantial economic opportunities if it continued to depend heavily on foreign digital infrastructure.
Citing Nigerian Communications Commission figures, he disclosed that the country recorded more than 157 million active internet subscriptions as of May 2026.
He explained that these connections generated significant volumes of information through financial transactions, healthcare, education and taxation.
However, citing estimates from the Nigeria Data Protection Commission, Oyedele said as much as 90 per cent of the country’s data was hosted abroad.
According to him, the situation has implications for foreign exchange expenditure, employment opportunities, technological skills and Nigeria’s control over information generated by its citizens.
He compared the country’s reliance on foreign digital infrastructure with its historical dependence on imported refined petroleum products, warning against a situation where Nigerian data would be processed abroad and the resulting services sold back to domestic users.
The minister consequently advocated greater investment in local data infrastructure, technical expertise, cybersecurity and predictable regulations to enable Nigerian businesses to capture more value from the digital economy.
He clarified that digital sovereignty should not translate into technological isolation but should strengthen Nigeria’s capacity to participate competitively in international markets.
Addressing graduating students, Oyedele urged young Nigerians to become developers of technological solutions rather than remain primarily consumers of products created elsewhere.
He identified artificial intelligence as both a disruptive force and an opportunity for innovation, advising graduates to acquire relevant digital skills alongside critical thinking, creativity, sound judgement and integrity.
The minister also cautioned against irresponsible online behaviour, explaining that digital footprints increasingly influence employment prospects, commercial relationships and professional credibility.
He urged universities to strengthen collaboration with government and industry to develop practical solutions in agriculture, energy, healthcare, environmental sustainability and digital services.
According to him, the performance of higher institutions should be assessed beyond graduation figures and academic publications to include businesses created, innovations developed and economic problems addressed.
Oyedele outlined five priorities for graduates, including 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 graduating students.
He urged the graduating class to combine innovation with ethical conduct and help build an economy driven by local expertise, productive enterprises, and technological advancement.
