The Federal Government generated a record ₦33 trillion in revenue between January and October 2026.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Thursday. He attributed the increase partly to improved digital tax systems and electronic invoicing.
Oyedele spoke while delivering a convocation lecture at the University of Uyo, Akwa Ibom State. He also called for greater investment in Nigeria’s digital infrastructure.
His Senior Special Assistant on Communications, Maryann Duke, disclosed the development in a statement.
According to the statement, improved digital systems helped drive the record revenue collection. Oyedele said technology could strengthen tax compliance and improve government efficiency.
Nigeria has over 157 million active internet subscriptions
The minister also highlighted Nigeria’s growing digital economy. Citing Nigerian Communications Commission figures, he said the country had over 157 million active internet subscriptions as of May 2026.
These connections generate data across several sectors. They include financial transactions, healthcare, education and taxation.
However, Oyedele warned that Nigeria risks losing significant economic value through foreign digital infrastructure.
He cited estimates from the Nigeria Data Protection Commission. The figures suggest that foreign countries host as much as 90 per cent of Nigeria’s data.
According to him, this dependence affects foreign exchange spending and local employment. It also limits opportunities for technical skills development and national control over citizens’ information.
Oyedele calls for investment in local digital infrastructure
The minister compared Nigeria’s digital dependence with its past reliance on imported refined petroleum products.
He warned against allowing locally generated data to follow the same pattern. Under such a system, foreign companies could process Nigerian data and sell related services back to local users.
Oyedele urged the government to invest in local data infrastructure and technical expertise. He also called for predictable regulations to support Nigerian businesses.
However, he stressed that digital sovereignty should not mean isolating Nigeria from global technology markets.
Instead, he said the country should build local capacity and compete internationally. He identified skilled workers, strong institutions and cybersecurity as important requirements.
Minister urges graduates to embrace technology
Addressing graduating students, Oyedele encouraged them to develop technological solutions rather than remain consumers.
He described artificial intelligence as both a disruptive force and an opportunity. He urged graduates to acquire digital skills alongside creativity and critical thinking.
The minister also warned about irresponsible online behaviour. He said digital footprints increasingly influence employment, business relationships and professional credibility.
He called on universities to work more closely with government and industry. Such partnerships, he said, could produce practical solutions in agriculture, energy, healthcare and other sectors.
Oyedele added that universities should measure their performance beyond graduation figures and academic publications. He urged them to focus on innovations, businesses and solutions to economic problems.
He also outlined five priorities for graduates. They include lifelong 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. He also encouraged them to use their knowledge to support Nigeria’s economic development.
