Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, says the government plans to reduce its dependence on borrowing and invest more in the economy and rely more on domestic resources.
Speaking on Bloomberg Television at the ongoing 56th World Economic Forum in Davos, Switzerland on Wednesday, the minister emphasised the need to focus on revenue generation.
According to the minister, while the government is keen on implementing fiscal reforms and strengthening the economy, Mr. Edun said that the country could access international bond markets, if necessary and the government’s priority is to mobilise its own resources.
He outlined the government’s efforts to raise tax revenue and strengthen fiscal sustainability, amid mounting global economic pressures.
Highlighting the strategies to reduce borrowing while expanding revenue generation, the minister said: ‘’The issue now is to focus on revenue, focus on domestic resource mobilization. We’re hoping to rely less on borrowing.’’
He noted that Nigeria remains open to international capital markets, but emphasized that domestic reforms are central to the government’s fiscal policy.
Edun also noted that Federal Government’s policies target long-term economic sustainability, while reducing reliance on external debt.
According to him, these initiatives are part of broader efforts to modernise Nigeria’s economy and strengthen investor confidence.
Since assuming office in 2023, President Bola Tinubu’s administration has introduced several economic reforms to drive growth and stabilise public finances.
Some of the reform measures include removing currency restrictions, ending the costly fuel subsidy, and overhauling the country’s tax framework.
GIK/APA