FG generated N33tn revenue in 10 months — Oyedele

Between January and October 2026, the Federal Government of Nigeria generated a record N33tn in revenue, according to the Minister of Finance, Taiwo Oyedele. This was revealed during a convocation lecture at the University of Uyo, where Oyedele emphasized the role of digital systems, particularly electronic invoicing, in boosting revenue collections. He called for increased investment in Nigeria’s digital infrastructure to enhance competitiveness and government revenue mobilization.

Oyedele highlighted the country’s progress in digital infrastructure, noting that Nigeria had more than 157 million active internet subscriptions as of May 2026. These digital connections generated substantial data through various transactions, including financial, healthcare, and education sectors. However, he pointed out that about 90% of Nigeria’s data is hosted abroad, raising concerns about foreign exchange costs, employment opportunities, and technological skills.

This reliance on foreign digital infrastructure was compared to the country’s past dependence on imported refined petroleum products, emphasizing the need to safeguard local control over data.

The minister advocated for greater investment in local data infrastructure, technical expertise, cybersecurity, and stable regulations to enable Nigerian businesses to capitalize more on the digital economy. He stressed that digital sovereignty should enhance Nigeria’s competitiveness in international markets without isolating the country technologically.

Oyedele encouraged young Nigerians to become creators of technological solutions rather than mere consumers, underscoring the importance of skills such as artificial intelligence, critical thinking, and integrity.

Addressing the audience, Oyedele cautioned against irresponsible online behavior, warning that digital footprints significantly impact employment opportunities, business relationships, and professional credibility. He urged universities to collaborate with government and industry to address practical challenges in critical sectors like agriculture, energy, healthcare, and digital services.

Oyedele outlined five priorities for graduates: continuous learning, value creation, integrity, responsible digital citizenship, and active participation in national development.

He stressed that a degree represents learned knowledge, competence demonstrates practical skills, and character reveals one’s true identity. Oyedele urged graduates to blend innovation with ethical conduct, contributing to an economy driven by local expertise, productive enterprises, and technological advancements.