The Federal Government has announced that it generated approximately ₦33 trillion in revenue between January and October 2026, describing the development as a major improvement in the country’s revenue collection efforts.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed the figures while delivering a convocation lecture at the University of Uyo in Akwa Ibom State.

According to the minister, improvements in digital tax administration and the introduction of electronic invoicing have contributed significantly to the increase in government revenue.

He explained that the use of technology in revenue collection could improve compliance, reduce inefficiencies and strengthen the government’s ability to monitor economic activities.

Oyedele also highlighted the importance of digital infrastructure to Nigeria’s economic development, warning that excessive dependence on foreign-owned digital systems could limit the country’s ability to control and benefit fully from its own data.

Citing figures from the Nigerian Communications Commission, he disclosed that Nigeria had recorded more than 157 million active internet subscriptions as of May 2026.

However, he also referenced estimates suggesting that as much as 90 per cent of Nigeria’s data is hosted outside the country.

The minister argued that developing local digital infrastructure would strengthen Nigeria’s technological independence while creating opportunities for economic growth.

Although the reported ₦33 trillion represents a substantial revenue figure, the announcement does not, on its own, establish how much of the amount has been collected in cash, how much was budgeted or how the funds have been spent.

The development therefore places renewed attention on the relationship between improved government revenue collection, public spending and the delivery of essential services.

Source: Punch Newspapers.