The Federal Government plans to reduce its dependence on borrowing by prioritizing domestic resource mobilization and revenue generation.
Okay News reports that Minister of Finance Wale Edun made the statement on Bloomberg Television at the World Economic Forum in Davos, Switzerland, on Tuesday.
Edun emphasized that while Nigeria remains open to international capital markets if needed, the focus is on strengthening internal revenue streams to support fiscal sustainability.
“The issue now is to focus on revenue, focus on domestic resource mobilization. We’re hoping to rely less on borrowing,” he said.
The remarks align with ongoing fiscal reforms aimed at modernizing Nigeria’s economy and boosting investor confidence.
Key initiatives since 2023 include removing currency restrictions, ending the fuel subsidy, and overhauling the tax framework to raise revenue to 18% of GDP next year, up from roughly 14% currently.
The IMF upgraded Nigeria’s 2026 growth forecast to 4.4% from 4.2%, reflecting early progress despite weaker oil prices.
Edun also indicated that interest rate cuts could come soon if inflation continues to ease, potentially lowering debt-servicing costs.
Nigeria debuted its first official national pavilion, Nigeria House Davos, at the 2026 WEF Annual Meeting to address investor concerns around policy consistency, inflation, foreign exchange stability, and fiscal sustainability.
