The Federal Government collected a record N33 trillion in revenue between January and October 2026, with improvements in digital tax administration and electronic invoicing driving the strong performance. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed the figure while delivering the convocation lecture at the University of Uyo in Akwa Ibom State, where he pressed for deeper investment in Nigeria’s digital infrastructure to sharpen economic competitiveness and strengthen revenue mobilisation.
The disclosure was contained in a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke. According to the statement, Oyedele identified improved digital systems, including electronic invoicing, as a key driver behind the record collection. He said the performance demonstrated the potential of technology to improve revenue administration, strengthen compliance and increase efficiency across government institutions.
Digital sovereignty and the risk of foreign dependence
Speaking on the theme “Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,” the minister warned that Nigeria risked forfeiting 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, noting that these connections generated significant volumes of information through financial transactions, healthcare, education and taxation.
However, drawing on estimates from the Nigeria Data Protection Commission, Oyedele said as much as 90 per cent of the country’s data is hosted abroad. He explained that the situation carried 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 scenario in which Nigerian data is processed abroad and the resulting services are sold back to domestic users. In response, he advocated greater investment in local data infrastructure, technical expertise, cybersecurity and predictable regulations so that Nigerian businesses can capture more value from the digital economy. He was careful to clarify that digital sovereignty should not translate into technological isolation, but should instead strengthen Nigeria’s capacity to compete in international markets.
Advice for graduates entering a digital economy
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 called on 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. 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,” Oyedele told the graduating students. He urged the class to combine innovation with ethical conduct and to help build an economy driven by local expertise, productive enterprises and technological advancement.
