Nigeria generated N33 trillion in authorities revenue between January and October 2026, pushed partly by improved digital methods, together with digital invoicing.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Thursday, November 5, whereas delivering the convocation lecture on the University of Uyo, Akwa Ibom State, on the theme, “Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation.”
According to a press release signed by Maryann Duke, Senior Special Assistant on Communications & Press Secretary to the Minister, Oyedele attributed the revenue efficiency partly to the usage of know-how in strengthening revenue administration and bettering effectivity in public sector operations.
- “He pointed to improved digital systems, including electronic invoicing, as a key driver behind a record N33 trillion in government revenue collected between January and October 2026, as evidence of technology’s potential to strengthen revenue administration and public sector efficiency,” the assertion learn in half.
The minister used the event to spotlight the financial advantages of investing in digital infrastructure, native innovation and information capabilities, arguing that Nigeria’s technological capability can be important to its long-term financial competitiveness.
Nigeria dangers shedding financial worth from its information
Oyedele described information as a strategic nationwide asset, warning that Nigeria dangers changing into primarily a client of digital applied sciences developed elsewhere whereas the financial worth generated by its residents is processed and monetised overseas.
- Citing Nigerian Communications Commission (NCC) figures, he stated the nation had greater than 157 million energetic web subscriptions as of May 2026, producing invaluable information throughout sectors reminiscent of funds, healthcare, schooling and taxation.
- He additionally cited estimates from the Nigeria Data Protection Commission indicating that as a lot as 90% of Nigeria’s information is hosted outdoors the nation.
- According to him, the scenario has implications for overseas trade outflows, native employment, abilities improvement and Nigeria’s management over data generated by its residents.
Drawing a comparability with the nation’s historic dependence on imported refined petroleum merchandise, Oyedele warned in opposition to permitting the digital financial system to comply with the same sample, the place domestically generated information is processed overseas and the ensuing providers are bought from overseas suppliers.
- He known as for larger funding in home digital infrastructure, technical experience and predictable regulatory frameworks to allow Nigeria to retain extra financial worth from its information.
However, he clarified that digital sovereignty shouldn’t be interpreted as technological isolation however as the power to take part in the worldwide digital financial system from a place of power via native expertise, aggressive companies, efficient establishments and cybersecurity.
Nigeria leverages e-invoicing to increase tax transparency
The Nigerian authorities via the Nigeria Revenue Service (NRS) introduced the e-invoicing platform in 2025 with over 1,000 large companies integrated on the preliminary section as a part of efforts to strengthen tax administration, enhance transparency and improve voluntary tax compliance nationwide.
- In February this yr, the revenue company in February 2026 announced the phased rollout of the initiative.
- According to the general public discover signed by NRS Chairman Zacch Adedeji, the system formally went reside for big taxpayers on August 1, 2025, following stakeholder consultations and pilot deployments that commenced in January 2025.
- The implementation timeline for big taxpayers was later prolonged to November 2025 to deal with operational and transitional concerns earlier than full enforcement.
Later in July, the NRS directed all large taxpayers to totally undertake the nationwide e-invoicing and Electronic Fiscal System (EFS) on or earlier than July 31, 2026.
