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 an announcement signed by Maryann Duke, Senior Special Assistant on Communications & Press Secretary to the Minister, Oyedele attributed the revenue efficiency partly to using 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 could be important to its long-term financial competitiveness.
Nigeria dangers dropping financial worth from its information
Oyedele described information as a strategic nationwide asset, warning that Nigeria dangers turning 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 lively web subscriptions as of May 2026, producing precious information throughout sectors equivalent to funds, healthcare, training 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 exterior the nation.
- According to him, the state of affairs has implications for overseas change outflows, native employment, expertise growth 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 towards permitting the digital financial system to observe an identical sample, the place regionally generated information is processed overseas and the ensuing providers are bought from overseas suppliers.
- He referred to as for higher 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 flexibility to take part in the worldwide digital financial system from a place of energy by way of native expertise, aggressive companies, efficient establishments and cybersecurity.
Nigeria leverages e-invoicing to increase tax transparency
The Nigerian authorities by way of 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 12 months, 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 dwell 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 issues earlier than full enforcement.
Later in July, the NRS directed all large taxpayers to absolutely undertake the nationwide e-invoicing and Electronic Fiscal System (EFS) on or earlier than July 31, 2026.
