The Federal Government has generated a record N33tn in revenue between January and October 2026. The milestone was driven largely by upgrades in digital tax administration and the deployment of electronic invoicing across public institutions.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made this known during a convocation lecture at the University of Uyo, Akwa Ibom State. Details of the address were shared in an official press release issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke, according to Punch.
Oyedele explained that technological tools have helped the authorities modernise tax collection, promote compliance, and curb leakages. Speaking on the theme, "Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation," he highlighted the central role technology now plays in mobilising resources for public spending.
However, the minister warned that Nigeria risks losing significant economic value if it continues to rely heavily on foreign digital infrastructure. Referencing data from the Nigerian Communications Commission, he noted that the country had over 157 million active internet connections as of May 2026, generating massive volumes of data through finance, healthcare, and education.
Despite this activity, Oyedele cited estimates from the Nigeria Data Protection Commission showing that about 90 per cent of Nigerian data is hosted outside the country. He likened this situation to exporting crude oil and importing refined fuel, warning that foreign hosting drains foreign exchange reserves, costs local jobs, and hands control of sensitive information to foreign servers.
To address the challenge, Oyedele called for heavy domestic investment in local data centres, cybersecurity, technical expertise, and clear regulations. He clarified that pursuing digital independence does not mean isolating Nigeria from global systems, but rather ensuring local enterprises capture fair economic value.
Oyedele also challenged graduating students to move beyond consuming foreign tech tools and instead build homegrown solutions. He advised them to build skills in artificial intelligence, protect their online reputations, and uphold integrity in their professional journeys.
