THE Federal Government generated a record N33 trillion in revenue between January and October 2026, but the impressive collection figure contrasts with persistent economic hardship and poverty facing millions of Nigerians struggling with high living costs and declining purchasing power.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed the revenue performance while delivering the convocation lecture at the University of Uyo, Akwa Ibom State, where he advocated greater investment in digital infrastructure to strengthen economic competitiveness and government revenue mobilisation.
The disclosure comes as households and businesses continue to contend with expensive food, transportation, electricity and other essential services, raising questions about how increased government revenue will translate into improved living conditions.
According to a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Ms Maryann Duke, Oyedele attributed the record collection partly to improved digital tax administration and electronic invoicing.
The minister said the performance demonstrated how technology could strengthen tax compliance, improve revenue administration and increase efficiency across government institutions.
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However, the growing revenue figure also highlights the challenge of translating stronger public finances into tangible economic relief for citizens.
While improved collections could give the government greater capacity to finance infrastructure and social services, the benefits would depend on how effectively the revenue is deployed to address economic pressures and improve public welfare.
Speaking on the theme, ‘Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,’ Oyedele warned that Nigeria risked losing significant economic opportunities by depending heavily on foreign digital infrastructure.
Citing Nigerian Communications Commission figures, he said the country had more than 157 million active internet subscriptions as of May 2026.
He noted that these connections generated substantial volumes of information through financial transactions, healthcare, education and taxation.
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However, estimates from the Nigeria Data Protection Commission (NDPC) indicated that as much as 90 percent of Nigeria’s data was hosted abroad, according to the minister.
He said the situation had implications for foreign exchange (FX) expenditure, employment, technological skills and the country’s control over information generated by its citizens.
Oyedele compared Nigeria’s dependence on foreign digital infrastructure with its historical reliance on imported refined petroleum products, warning against a situation in which Nigerian data would be processed abroad and the resulting services sold back to domestic users.
He advocated increased investment in local data centres, technical expertise, cybersecurity and predictable regulations to enable Nigerian businesses to capture more value from the digital economy.
The minister clarified that digital sovereignty should not mean technological isolation but rather strengthening Nigeria’s capacity to compete in international markets.
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Addressing graduating students, Oyedele urged young Nigerians to become developers of technological solutions rather than remain consumers of products created elsewhere.
He described artificial intelligence (AI) as both a disruptive force and an opportunity for innovation, encouraging graduates to combine digital skills with critical thinking, creativity, sound judgement and integrity.
He also warned against irresponsible online behaviour, noting that digital footprints increasingly influence employment prospects, commercial relationships and professional credibility.
Oyedele called on universities to strengthen collaboration with government and industry to develop practical solutions in agriculture, energy, healthcare, environmental sustainability and digital services.
He said universities should measure their performance beyond graduation figures and academic publications, focusing instead on businesses created, innovations developed and economic problems solved.
The minister outlined five priorities for graduates, including continuous learning, value creation, integrity, responsible digital citizenship and participation in national development.
“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” he told the graduating students.
He urged graduates to combine innovation with ethical conduct and contribute to building an economy driven by local expertise, productive enterprises and technological advancement.
Hardship, poverty in Nigeria
The revenue disclosure, however, leaves a broader economic question: how quickly can stronger government earnings translate into relief for Nigerians still struggling with the cost of living?
Poverty in Nigeria rose to 63 percent in 2025 despite a slowdown in inflation. The World Bank disclosed in April 2026 that the share of Nigerians living below the poverty line increased from 56 percent in 2023 to 61 percent in 2024, before rising further to 63 percent in 2025, which was equivalent to about 140 million people.
The World Bank’s October 2026 Poverty and Equity Brief for Nigeria revealed that 82.9 percent of Nigerians aged 16 and above without education lived below the poverty threshold of $4.20 per person per day, compared with 26.6 percent of those with tertiary or post-secondary education.
With N70,000 minimum wage, several Nigerians struggle to make both ends meet. Petrol sells at nearly N1,400 per litre, with the average cost of preparing jollof rice standunbf at N26,178 in September, according to SBM Intelligence.
