FG generates N33tn revenue in 10 months – Oyedele

The Federal Government collected a record N33tn in revenue between January and October 2026, according to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele. He attributed the increase to enhanced digital systems, particularly electronic invoicing, during his convocation lecture at the University of Uyo, Akwa Ibom State.

Oyedele emphasized the potential of technology to improve revenue collection, compliance, and government efficiency. He warned that Nigeria risks missing out on valuable economic opportunities if it remains dependent on foreign digital infrastructure. More than 157 million Nigerians had active internet subscriptions as of May 2026, generating substantial data from various sectors.

However, 90% of the country's data is currently hosted abroad, posing concerns for foreign exchange expenditure, employment, technological skills, and control over domestic information. Oyedele called for greater investment in local data infrastructure, cybersecurity, and predictable regulations to bolster Nigeria's digital economy.

He stressed that digital sovereignty does not equate to isolation but strengthens the nation's ability to compete globally. The minister urged graduating students to focus on developing technological solutions rather than merely consuming products from other countries. He advocated for continuous learning, value creation, integrity, responsible digital citizenship, and active participation in national development.