Nigeria's Federal Government collected a record N33 trillion in revenue between January and October 2026, the Minister of Finance and Coordinating Minister of the Economy announced. Taiwo Oyedele attributed the achievement to enhanced digital tax administration and electronic invoicing systems that significantly improved collections during the period. He disclosed the milestone while delivering a convocation lecture at the University of Uyo in Akwa Ibom State, emphasising that improved digital systems demonstrated technology's capacity to streamline revenue administration, enhance compliance, and drive institutional efficiency.
Oyedele used the occasion to warn Nigeria against overreliance on foreign digital infrastructure, citing data that underscores the scale of the country's technological dependence. According to Nigerian Communications Commission data referenced by the minister, Nigeria registered more than 157 million active internet subscriptions by May 2026. However, citing estimates from the Nigeria Data Protection Commission, approximately 90 per cent of Nigerian data is hosted abroad. The minister cautioned that this reliance strains foreign exchange reserves, limits local employment opportunities, suppresses technological skills acquisition, and compromises national control over citizen-generated information.
Drawing parallels to Nigeria's historical struggle with imported refined petroleum products, Oyedele warned against an economic model where domestic data is processed overseas and then sold back to local users. He called for robust investments in domestic data infrastructure, cybersecurity, technical expertise, and predictable regulatory frameworks to empower local enterprises. The minister clarified that pursuing digital sovereignty must not lead to technological isolation, but rather strengthen international market competitiveness.
Addressing the graduating cohort, Oyedele encouraged young Nigerians to pioneer technological solutions rather than remain passive consumers of foreign products. He framed artificial intelligence as both a disruptive force and an innovation catalyst, advising graduates to combine technical skills with critical thinking, creativity, sound judgement, and integrity. The minister also cautioned against reckless online behaviour, noting that digital footprints increasingly influence career prospects, commercial partnerships, and professional standing.
Oyedele called upon universities to deepen partnerships with government and industry to develop practical solutions across agriculture, energy, healthcare, environmental sustainability, and digital services. He urged higher institutions to measure success beyond graduation figures and academic publications by highlighting businesses created and economic problems resolved. Concluding his address, he outlined five core priorities for graduates: continuous learning, value creation, integrity, responsible digital citizenship, and active participation in national development.