The Federal Government plans to rely more on domestic resources and reduce its dependence on borrowing.
Minister of Finance Wale Edun said this while speaking on Bloomberg Television at the World Economic Forum in Davos, Switzerland, on Tuesday.
Edun emphasized the need to focus on revenue generation.
He added that while the country could access international bond markets, if necessary, the government’s priority is to mobilize its own resources.
The minister’s remarks come as Nigeria implements fiscal reforms aimed at strengthening its economy.
What the Minister is saying
Edun outlined the government’s efforts to raise tax revenue and strengthen fiscal sustainability amid mounting global economic pressures.
He also highlighted strategies aimed at reducing borrowing while expanding revenue generation.
“The issue now is to focus on revenue, focus on domestic resource mobilization,” he said.
“We’re hoping to rely less on borrowing,” he added.
The minister also noted that Nigeria remains open to international capital markets if needed, but domestic reforms are central to the government’s fiscal policy.
Get up to speed
Since taking office in 2023, President Bola Tinubu’s administration has introduced several economic reforms to drive growth and stabilize public finances.
These measures include removing currency restrictions, ending a costly fuel subsidy, and overhauling the nation’s tax framework.
- Tax reforms aim to raise revenue to 18% of GDP next year, up from roughly 14% currently.
- Policies target long-term economic sustainability while reducing reliance on external debt.
- These initiatives are part of broader efforts to modernize Nigeria’s economy and strengthen investor confidence.
What you should know
Economic forecasts indicate Nigeria’s reforms are showing early signs of progress.
The International Monetary Fund upgraded Nigeria’s growth forecast to 4.4% for 2026, up from an estimated 4.2% in 2025.
- This comes despite weaker oil prices, Nigeria’s top export and major foreign-exchange earner.
- Government reforms are expected to further stabilize revenue collection and support fiscal sustainability.
- The combination of domestic resource mobilization and ongoing reforms underscores Nigeria’s effort to reduce debt dependence and strengthen its economic foundations.
Earlier, Nairametrics reported that Edun will use the World Economic Forum (WEF) Annual Meetings in Davos to address investor concerns around policy consistency, inflation, foreign exchange stability, and fiscal sustainability.
Nigeria’s message at WEF 2026 is shaped by wider global realities affecting emerging markets.
- Nairametrics earlier reported that Nigeria will debut its first-ever official national pavilion, Nigeria House Davos, at the 56th Annual Meeting of the World Economic Forum (WEF) 2026.
- The Minister earlier stated that interest rate cuts may come soon if inflation keeps easing, a move that could reduce debt-servicing costs and ease pressure on Nigeria’s strained public finances.
He made the statement during an interview on the sidelines of the Abu Dhabi Sustainability Week.
