E-invoicing pushed Nigeria’s revenue to N33 trillion in 10 months – Taiwo Oyedele

Nigeria generated N33 trillion in government revenue between January and October 2026, driven partly by improved digital systems, including electronic invoicing.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Thursday, November 5, while delivering the convocation lecture at the University of Uyo, Akwa Ibom State, on the theme, “Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation.”

According to a statement signed by Maryann Duke, Senior Special Assistant on Communications & Press Secretary to the Minister, Oyedele attributed the revenue performance partly to the use of technology in strengthening revenue administration and improving efficiency 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 statement read in part.

The minister used the development to highlight the economic benefits of investing in digital infrastructure, local innovation and data capabilities, arguing that Nigeria’s technological capacity would be critical to its long-term economic competitiveness.

Nigeria risks losing economic value from its data

Oyedele described data as a strategic national asset, warning that Nigeria risks becoming primarily a consumer of digital technologies developed elsewhere while the economic value generated by its citizens is processed and monetised abroad.

• Citing Nigerian Communications Commission (NCC) figures, he said the country had more than 157 million active internet subscriptions as of May 2026, generating valuable data across sectors such as payments, healthcare, education and taxation.
• He also cited estimates from the Nigeria Data Protection Commission indicating that as much as 90% of Nigeria’s data is hosted outside the country.
• According to him, the situation has implications for foreign exchange outflows, local employment, skills development and Nigeria’s control over information generated by its citizens.

Drawing a comparison with the country’s historical dependence on imported refined petroleum products, Oyedele warned against allowing the digital economy to follow a similar pattern, where locally generated data is processed abroad and the resulting services are purchased from foreign providers.

• He called for greater investment in domestic digital infrastructure, technical expertise and predictable regulatory frameworks to enable Nigeria to retain more economic value from its data.

However, he clarified that digital sovereignty should not be interpreted as technological isolation but as the ability to participate in the global digital economy from a position of strength through local talent, competitive businesses, effective institutions and cybersecurity.

Nigeria leverages e-invoicing to boost tax transparency

The Nigerian government through the Nigeria Revenue Service (NRS) announced the e-invoicing platform in 2025 with over 1,000 large companies integrated at the initial phase as part of efforts to strengthen tax administration, improve transparency and enhance voluntary tax compliance nationwide.

• In February this year, the revenue agency in February 2026 announced the phased rollout of the initiative.
• According to the public notice signed by NRS Chairman Zacch Adedeji, the system officially went live for large taxpayers on August 1, 2025, following stakeholder consultations and pilot deployments that commenced in January 2025.
• The implementation timeline for large taxpayers was later extended to November 2025 to address operational and transitional considerations before full enforcement.

Later in July, the NRS directed all large taxpayers to fully adopt the national e-invoicing and Electronic Fiscal System (EFS) on or before July 31, 2026.