Source: By Sami Tunji | The Punch | November 5, 2026
The Federal Government generated a record ₦33 trillion in revenue between January and October 2026, with improvements in digital tax administration and electronic invoicing contributing significantly to the increase.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this while delivering a convocation lecture at the University of Uyo, Akwa Ibom State. He called for increased investment in Nigeria's digital infrastructure to strengthen economic competitiveness and improve government revenue mobilisation.
According to a statement issued by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke, Oyedele identified improved digital systems, particularly electronic invoicing, as key drivers of the government's revenue performance.
Digitalisation Driving Revenue Growth
The Minister noted that the improved revenue performance demonstrates the potential of technology to enhance revenue administration, strengthen tax compliance and improve efficiency across government institutions.
He emphasised that digitalisation is becoming increasingly important in modern tax administration, as technology provides opportunities for better monitoring of transactions, improved reporting and more effective revenue collection.
Nigeria's Digital Infrastructure and Data Sovereignty
Speaking on the theme, "Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation," Oyedele warned that Nigeria risks losing significant economic opportunities if it continues to depend heavily on foreign digital infrastructure.
Citing figures from the Nigerian Communications Commission (NCC), he disclosed that Nigeria recorded over 157 million active internet subscriptions as of May 2026.
However, he noted that an estimated 90 per cent of the country's data is hosted outside Nigeria, raising concerns about foreign exchange expenditure, employment opportunities, technological development and national control over locally generated data.
He therefore advocated increased investment in local data centres, cybersecurity, technical expertise and predictable regulatory frameworks to enable Nigerian businesses to capture more value from the digital economy.
What This Means for Businesses and Taxpayers
The reported ₦33 trillion revenue collection highlights the growing importance of technology in Nigeria's revenue administration.
With electronic invoicing and other digital tax administration initiatives gaining prominence, businesses should pay closer attention to their tax compliance obligations.
Companies should ensure that their accounting systems, transaction records, invoicing processes and tax reporting procedures are accurate and properly maintained.
The increasing use of technology in tax administration also reinforces the need for businesses to embrace digital compliance and strengthen their internal tax control systems.
AdaTax Matters' Take
The reported ₦33 trillion revenue collection is a significant development in Nigeria's fiscal landscape. More importantly, it demonstrates how technology is becoming an essential instrument for revenue mobilisation and tax administration.
The increasing adoption of electronic invoicing and digital tax systems signals a shift towards a more data-driven tax administration framework.
For businesses, this means that tax compliance can no longer be treated merely as an annual obligation. Accurate record-keeping, proper transaction documentation and timely tax reporting must become integral parts of business operations.
However, as Nigeria strengthens its digital tax infrastructure, attention must also be given to data protection, cybersecurity, taxpayer education and the ease of doing business.
Ultimately, a successful digital tax system should not only increase government revenue but also promote transparency, efficiency, accountability and confidence in the tax system.
Post a Comment
Leave a Reply