Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that the Federal Government will reduce its reliance on borrowing and place greater emphasis on revenue generation and domestic resource mobilisation to drive economic growth.
Edun made the disclosure during an interview on Bloomberg Television at the World Economic Forum (WEF) in Davos, Switzerland. He said the new approach is aimed at strengthening Nigeria’s fiscal position and ensuring long-term economic sustainability.
According to him, the Federal Government plans to promote investment-led growth by encouraging private sector participation rather than depending largely on debt to finance development projects. He added that while Nigeria remains open to accessing international capital markets when necessary, borrowing will no longer be the primary strategy.
The finance minister noted that the policy direction aligns with the economic reforms of President Bola Tinubu’s administration, which focus on improving fiscal discipline, boosting tax revenues, and attracting both local and foreign investments.
The shift is expected to help reduce Nigeria’s debt burden, improve investor confidence, and support sustainable economic growth through stronger domestic revenue sources. Visit www.jocomms.com for more news.