Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele
The Federal Government generated ₦33 trillion in revenue between January and October 2026, with improved digital tax administration and electronic invoicing contributing to the increase in collections, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has disclosed.
Oyedele announced the figure on Thursday, 5 November, while delivering the convocation lecture at the University of Uyo in Akwa Ibom State. He attributed part of the revenue performance to the adoption of digital systems designed to improve tax administration, strengthen compliance and give authorities better visibility into business transactions.
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The disclosure highlights the government's growing reliance on technology to improve revenue mobilisation as it seeks to strengthen public finances and reduce inefficiencies in tax collection.
Electronic Invoicing Supports Revenue Collection
Oyedele identified electronic invoicing and other digital systems as important contributors to the Federal Government's revenue performance during the first 10 months of the year.
The electronic invoicing initiative forms part of efforts to modernise tax administration by improving the documentation of commercial transactions and making it easier for tax authorities to monitor business activities.
The system provides greater visibility into transactions, helping revenue agencies improve the accuracy of tax records, identify potential compliance gaps and strengthen the collection process.
The Nigeria Revenue Service (NRS) introduced the national electronic invoicing and Electronic Fiscal System (EFS) through a phased implementation process. The initiative began with pilot exercises and stakeholder consultations in January 2025, before the platform became operational for large taxpayers on 1 August 2025.
More than 1,000 large companies were integrated into the initial phase. The NRS subsequently directed large taxpayers to complete adoption of the system by 31 July 2026.
The rollout represents a broader shift towards technology-driven tax administration, with the government seeking to improve compliance and reduce revenue leakages through more comprehensive transaction records.
However, the minister did not provide a breakdown of the ₦33 trillion by revenue source or quantify the specific contribution of electronic invoicing to the total collection.
Minister Calls for Greater Investment in Digital Infrastructure
Beyond revenue mobilisation, Oyedele urged Nigeria to invest more heavily in domestic digital infrastructure to retain greater economic value from data generated within the country.
Speaking on the theme, Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation, he warned that excessive dependence on foreign digital infrastructure could limit Nigeria's ability to develop its technology industry and benefit from the expanding digital economy.
He cited Nigerian Communications Commission figures showing that Nigeria had more than 157 million active internet subscriptions as of May 2026.
The growing use of digital platforms across financial services, healthcare, education and other sectors generates substantial volumes of data. However, estimates from the Nigeria Data Protection Commission indicate that approximately 90 per cent of Nigerian data is hosted outside the country.
Oyedele warned that this dependence could contribute to foreign exchange outflows, limit opportunities for local businesses and constrain employment and technical skills development.
He compared the situation with Nigeria's historical dependence on imported refined petroleum products, cautioning that the country should avoid generating valuable data domestically while relying on foreign companies to process and commercialise it.
Nigeria Urged to Expand Local Data Infrastructure
The finance minister called for increased investment in local data centres, technical expertise, cybersecurity and innovation to strengthen the country's digital capabilities.
He also urged the government to maintain predictable regulatory policies that encourage domestic and international investment in the sector.
According to him, digital sovereignty should not mean isolating Nigeria from international technology markets. Instead, the country should develop the infrastructure, skilled workforce and institutions needed to compete effectively in the global digital economy.
Developing domestic data infrastructure could create opportunities for Nigerian technology companies, support employment and allow more economic value from digital activities to remain within the country.
The minister's position places digital infrastructure among the areas requiring long-term investment as Nigeria expands its digital economy.
Implications for Government Revenue and Public Investment
The ₦33 trillion revenue collection represents a significant development in the Federal Government's revenue mobilisation efforts. Improved digital tax systems could strengthen the government's capacity to monitor economic transactions, improve compliance and identify revenue opportunities.
For businesses, the expansion of electronic invoicing also means greater emphasis on transaction documentation and tax compliance. Companies operating within the formal economy will need to maintain accurate records and adapt their systems to the requirements of digital tax administration.
The revenue figure also has implications for public investment because government income provides funding for infrastructure, public services and other development priorities. However, the total collection alone does not establish how much funding will go towards capital projects or housing and infrastructure programmes.
The government's ability to translate stronger revenue mobilisation into improved public services and productive investment will remain an important measure of the policy's impact.
Oyedele's disclosure therefore highlights two connected priorities: improving the collection of public revenue through digital systems and developing domestic infrastructure that allows Nigeria to capture more value from its growing digital economy.
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