The Federal Government states that it plans to reduce its reliance on borrowing while increasing investment and domestic resource mobilization to strengthen Nigeria’s economy.
Minister of Finance, Wale Edun, stated this during an interview on Bloomberg Television at the 56th World Economic Forum (WEF) in Davos, Switzerland, on Tuesday.
“The focus now is on revenue and domestic resource mobilisation. We are hoping to rely less on borrowing,” Edun said.
He explained that while Nigeria remains open to accessing international capital markets if necessary, the government’s priority is to generate revenue internally and improve fiscal sustainability.
Edun noted that the government is implementing fiscal and tax reforms aimed at boosting revenue, reducing debt dependence, and ensuring long-term economic stability amid global economic pressures.
Since assuming office in 2023, President Bola Tinubu’s administration has introduced several reforms, including the removal of fuel subsidies, the lifting of currency restrictions, and an overhaul of the tax framework. These measures are designed to raise government revenue to 18 per cent of GDP next year, up from about 14 per cent currently.
The minister added that the reforms are intended to modernise the economy, strengthen investor confidence, and stabilise public finances.
Economic indicators suggest early signs of progress. The International Monetary Fund (IMF) recently upgraded Nigeria’s growth forecast to 4.4 per cent in 2026, from an estimated 4.2 per cent in 2025, despite weaker global oil prices.
The IMF noted that Nigeria’s reforms are expected to improve revenue collection and support fiscal sustainability, underscoring efforts to reduce reliance on external debt.
Edun said Nigeria’s engagement at WEF 2026 will focus on reassuring investors about policy consistency, inflation management, foreign exchange stability, and fiscal discipline.
As part of its participation at the forum, Nigeria will also unveil its first official national pavilion, Nigeria House Davos, showcasing the country’s investment potential amid shifting global economic conditions.
