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Finance Minister attributes January–October revenue growth to improved digital tax administration and electronic invoicing.
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Nigeria had more than 157 million active internet subscriptions as of May 2026, but 90 percent of its data was reportedly hosted abroad.
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Oyedele calls for investment in local data infrastructure, cybersecurity and digital skills to strengthen economic competitiveness.
November 06, (THEWILL) – The Federal Government generated a record ₦33 trillion in revenue between January and October 2026, supported by improvements in digital tax administration and the adoption of electronic invoicing, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said.
Oyedele disclosed this while delivering the convocation lecture at the University of Uyo, Akwa Ibom State, where he called for increased investment in Nigeria’s digital infrastructure to strengthen economic competitiveness and improve government revenue mobilisation.
According to a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke, the minister identified improved digital systems, including electronic invoicing, as key contributors to the revenue performance.
He said the development demonstrated how technology could improve revenue administration, strengthen tax compliance and increase efficiency across government institutions.
The ₦33 trillion collection covers the first 10 months of the year, although the minister’s statement did not break down the amount by revenue source or specify electronic invoicing’s contribution.
Nigeria’s Digital Infrastructure Gap
Speaking on the theme, Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation, Oyedele warned that Nigeria risked losing significant economic opportunities if it continued to depend heavily on foreign digital infrastructure.
Citing figures from the Nigerian Communications Commission, he said the country had more than 157 million active internet subscriptions as of May 2026.
However, he noted that estimates from the Nigeria Data Protection Commission indicated that as much as 90 percent of Nigeria’s data was hosted abroad.
According to the minister, this dependence has implications for foreign exchange expenditure, local employment, technological skills development and the country’s control over information generated by its citizens.
He compared Nigeria’s reliance on foreign digital infrastructure with its historical dependence on imported refined petroleum products, warning against a situation where data generated locally is processed abroad, and the resulting services are sold back to Nigerian consumers and businesses.
Oyedele, therefore, called for greater investment in domestic data infrastructure, technical expertise, cybersecurity, and predictable regulations to help local businesses capture more value from the digital economy.
He clarified that digital sovereignty should not mean technological isolation but should strengthen Nigeria’s ability to participate competitively in international markets.
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Minister Urges Graduates To Develop Digital Skills
Addressing graduating students, Oyedele urged young Nigerians to move beyond consuming technology developed elsewhere and become creators of digital solutions.
He described artificial intelligence as both a disruptive force and an opportunity for innovation, advising graduates to combine digital skills with critical thinking, creativity, sound judgement and integrity.
The minister also cautioned against irresponsible online behaviour, noting that digital footprints increasingly influence employment opportunities, commercial relationships and professional credibility.
He outlined five priorities for 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 graduating students.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
