The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed on Thursday that the Federal Government generated N33tn in revenue between January and October 2026, attributing the improved performance to digital tax administration and electronic invoicing boosting collections.
The minister gave this hint during his lecture with the theme “Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation” 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.
A statement issued by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke, quoted the minister as saying that “improved digital systems, including electronic invoicing, as a key driver behind a record N33tn in government revenue collected between January and October 2026.”
Oyedele maintained that the improved revenue collections demonstrated the potential of technology to improve revenue administration, strengthen compliance and increase efficiency across government institutions.
- Advertisement -
The minister, however, warned that Nigeria risked losing substantial economic opportunities if it continued to depend heavily on foreign digital infrastructure.
Citing Nigerian Communications Commission (NCC) figures, he disclosed that the country recorded more than 157 million active internet subscriptions as of May 2026 and that
these connections generated significant volumes of information through financial transactions, healthcare, education and taxation.
However, using estimates from the Nigeria Data Protection Commission (NDPC) in his lecture, Oyedele said about 90 per cent of the country’s data was hosted abroad, noting 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.
As a result, the minister 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.
Oyedele further clarified that digital sovereignty should not translate into technological isolation but should strengthen Nigeria’s capacity to participate competitively in international markets.
Addressing the graduating students of the university, the minister urged them 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.
Oyedele outlined five priorities for graduates, including continuous learning, value creation, integrity, responsible digital citizenship and active participation in national development.
He said: “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.”
The minister urged the graduating class to combine innovation with ethical conduct and help build an economy driven by local expertise, productive enterprises, and technological advancement.
