FG TO INVEST MORE IN ECONOMY, REDUCE BORROWING, SAYS FINANCE MINISTER EDUN AT DAVOS
Read Time:1 Minute, 39 Second
By Aishat Momoh. O.
The Federal Government has announced plans to invest more in the domestic economy, rely on local resources, and reduce its dependence on borrowing, Finance Minister Wale Edun said on Tuesday.
Speaking on Bloomberg Television at the ongoing 56th World Economic Forum (WEF) in Davos, Switzerland, Edun said the government is prioritising revenue generation and domestic resource mobilisation as part of broader fiscal reforms aimed at strengthening Nigeria’s economy.
“The issue now is to focus on revenue, focus on domestic resource mobilization. We’re hoping to rely less on borrowing,” Edun said, noting that while Nigeria remains open to international capital markets, domestic reforms are central to fiscal policy.
Since assuming office in 2023, President Bola Tinubu’s administration has implemented several economic reforms, including removing currency restrictions, ending the costly fuel subsidy, and overhauling the nation’s tax framework. The government aims to increase tax revenue to 18% of GDP next year, up from roughly 14% currently.
Edun said these initiatives are part of a long-term strategy to modernize Nigeria’s economy, strengthen investor confidence, and ensure fiscal sustainability while reducing reliance on external debt.
READ MORE…
RIVERS POLICE ARREST LAWYER AFTER SHOOTING DURING MASQUERADE DISPLAY IN OMOKU
Economic indicators suggest early progress from these reforms. The International Monetary Fund (IMF) recently upgraded Nigeria’s growth forecast to 4.4% for 2026, up from an estimated 4.2% in 2025, despite weaker oil prices, the country’s top export and major foreign-exchange earner. The IMF also noted that government reforms are expected to stabilize revenue collection and support fiscal sustainability.
At Davos, Edun will address investor concerns over policy consistency, inflation, foreign exchange stability, and fiscal sustainability. Nigeria will also debut its first-ever official national pavilion, Nigeria House Davos, at the Forum.
“The combination of domestic resource mobilisation and ongoing reforms underscores Nigeria’s effort to reduce debt dependence and strengthen its economic foundations,” the IMF said.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0