By Radarr Africa Business Desk
The Federal Government generated a record ₦33 trillion in revenue between January and October 2026, supported partly by improvements in digital tax administration and the introduction of electronic invoicing, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has disclosed.
Oyedele announced the figure while delivering a convocation lecture at the University of Uyo in Akwa Ibom State. His remarks were contained in a statement issued by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.
According to the minister, improved digital systems have helped strengthen revenue collection, improve compliance and make government administration more efficient.
The ₦33 trillion collection represents a significant revenue milestone for the government, although the disclosure did not provide a detailed breakdown of the contributions from individual revenue agencies or the specific amount generated through electronic invoicing.
Speaking on the theme, Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation, Oyedele also called for increased investment in Nigeria’s digital infrastructure, warning that excessive dependence on foreign technology providers could limit the country’s ability to retain economic value from its growing digital economy.
He cited Nigerian Communications Commission figures showing that Nigeria had more than 157 million active internet subscriptions as of May 2026.
The minister said the country’s expanding internet usage was generating substantial volumes of data through financial transactions, healthcare, education and taxation.
However, he cited estimates from the Nigeria Data Protection Commission indicating that as much as 90 per cent of Nigeria’s data is hosted outside the country.
Oyedele warned that this dependence could increase foreign exchange spending, limit local employment opportunities and reduce the country’s control over information generated by its citizens.
He compared the situation with Nigeria’s previous dependence on imported refined petroleum products, cautioning against allowing locally generated data to be processed abroad before digital services are sold back to Nigerian consumers and businesses.
The minister called for investment in local data centres, cybersecurity, technical expertise and predictable regulations to encourage innovation and help Nigerian companies compete in the digital economy.
He clarified that digital sovereignty should not mean isolating Nigeria from international technology markets but strengthening the country’s ability to participate in them and capture more value locally.
Oyedele also urged graduating students to develop practical technological solutions rather than remain dependent on products created elsewhere. He encouraged them to combine digital skills with critical thinking, creativity and integrity.
“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 graduates.
The revenue disclosure comes as the government continues to pursue stronger revenue mobilisation and wider adoption of technology in public administration. However, the extent to which the record collection will translate into improved public services and reduced borrowing will depend on how the revenue is managed and deployed.
