The Federal Government generated a record N33tn in revenue between January and October 2026, with improved digital tax administration and electronic invoicing contributing significantly to the increase.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Thursday while delivering the convocation lecture at the University of Uyo, Akwa Ibom State.
Oyedele attributed the revenue performance to improvements in digital systems, particularly electronic invoicing, which he said had strengthened revenue collection, tax compliance and efficiency in government administration.
His remarks were contained in a statement issued by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.
Speaking on the theme, “Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,” the minister called for increased investment in Nigeria’s digital infrastructure, warning that excessive dependence on foreign technology could undermine the country’s economic competitiveness.
Citing figures from the Nigerian Communications Commission, Oyedele disclosed that Nigeria had recorded more than 157 million active internet subscriptions as of May 2026.
He explained that the connections generated enormous volumes of data through financial transactions, healthcare, education and taxation.
However, citing estimates from the Nigeria Data Protection Commission, he expressed concern that about 90 per cent of Nigeria’s data was hosted outside the country.
According to him, the situation has implications for foreign exchange expenditure, employment opportunities, technological development and the country’s control over information generated by its citizens.
Oyedele compared Nigeria’s dependence on foreign digital infrastructure to its previous reliance on imported refined petroleum products, warning against a situation where Nigerian data would be processed abroad before the resulting services were sold back to the country.
He consequently advocated increased investment in local data centres, technical expertise, cybersecurity and predictable regulatory frameworks to enable Nigerian businesses to retain more value from the digital economy.
The minister, however, clarified that digital sovereignty should not amount to technological isolation but should strengthen Nigeria’s ability to compete effectively in the global marketplace.
Addressing the graduating students, Oyedele urged young Nigerians to move beyond consuming foreign technological products and become developers of innovative solutions capable of addressing local challenges.
He identified artificial intelligence as both a disruptive force and an opportunity for innovation, urging graduates to acquire relevant digital skills while developing critical thinking, creativity, sound judgement and integrity.
The minister also cautioned against irresponsible online conduct, noting that digital footprints increasingly influence employment opportunities, business relationships and professional credibility.
He called on universities to strengthen partnerships with government and the private sector to develop practical solutions in agriculture, energy, healthcare, environmental sustainability and digital services.
Oyedele maintained that the performance of higher institutions should not be measured solely by the number of graduates produced or academic publications but also by the businesses established, innovations developed and economic challenges addressed.
He outlined five priorities for graduating students: 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 graduates to combine innovation with ethical conduct and contribute to building an economy driven by local expertise, productive enterprises and technological advancement.
