FG GENERATES RECORD ₦33TN REVENUE IN 10 MONTHS – OYEDELE - Newstelly

The Federal Government generated a record ₦33 trillion in revenue between January and October 2026, with improved digital tax administration and electronic invoicing contributing to increased collections.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Thursday, November 5, while delivering a convocation lecture at the University of Uyo, Akwa Ibom State.

According to Oyedele, the impressive revenue performance demonstrates how technology can strengthen tax administration, improve compliance and make government operations more efficient.

He attributed part of the achievement to improved digital systems, particularly electronic invoicing, which has helped enhance transparency and revenue collection.

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 to strengthen the country’s economic competitiveness.

Oyedele also raised concerns about Nigeria’s dependence on foreign digital infrastructure, disclosing that the country had more than 157 million active internet subscriptions as of May 2026.

However, citing estimates from the Nigeria Data Protection Commission, he said as much as 90 per cent of Nigeria’s data was hosted outside the country.

He warned that the situation could lead to foreign exchange outflows, limit local employment opportunities and reduce Nigeria’s control over valuable information generated within its borders.

The minister therefore urged the government and private sector to invest more in local data centres, cybersecurity, technological innovation and skilled manpower.

He also encouraged Nigerian graduates to move beyond consuming foreign technology and develop innovative solutions to address the country’s challenges.

Oyedele stressed that Nigeria must build a strong digital economy capable of creating jobs, attracting investment and retaining more economic value within the country.