Nigeria’s federal government announced that it had collected a record N33 trillion in revenue between January and October 2026, a figure that Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele said was partly the result of digital tax administration and electronic invoicing. Despite the headline, a chorus of economic and financial experts warned that the milestone should not be mistaken for a resolution of the country’s fiscal challenges.
Oyedele highlighted the potential of technology to improve revenue mobilisation and called for greater investment in digital infrastructure to strengthen economic competitiveness. He noted that the performance demonstrated how digital tools could enhance compliance and efficiency across government institutions.
“The N33 trillion figure requires closer examination, particularly regarding how much was available to the Federal Government after revenue sharing,” said Boniface Okezie, National President of the Progressive Association of Shareholders of Nigeria. Okezie added that the revenue announcement alone cannot establish whether Nigeria is on course to meet its debt obligations while retaining sufficient resources for development. He urged the government to expand its tax base, eliminate institutional leakages, improve crude‑oil earnings, strengthen remittances from government‑owned enterprises and bring more economic activity into the formal sector.
Chiazor Victor, Head of Research at FSL Securities, cautioned that efforts to raise revenue must not add pressure on businesses and households already struggling. “The priority should be to expand productive economic activity, encourage investment, improve compliance and ensure that the government captures a fair share of the value generated,” he said. Victor also stressed the importance of expenditure accountability and tying additional borrowing to investments that can expand productive capacity and generate future revenue.
Chief Economist Paul Alaje of SPM Professional warned that a country’s attractiveness to investors and its national brand depend on credible institutions, effective governance and a productive economy. “Nigeria possesses enormous assets—dynamic population, creative talent, entrepreneurial energy and significant economic potential—yet the critical question remains: how do we translate these assets into a compelling and sustainable national identity?” he asked.
Samuel Agbeluyi, Immediate Past National President of the Chartered Institute of Taxation of Nigeria, described the revenue performance as encouraging but cautioned against relaxing efforts to improve earnings. He urged the government to sustain momentum in revenue mobilisation, explore opportunities to expand the revenue base rather than rely excessively on borrowing, and strengthen domestic revenue generation to meet financial commitments and fund infrastructure and other development priorities.
<small>Source: The Sun Nigeria — read the original story there.</small>
