The Federal Government has reiterated plans to prioritise domestic revenue generation and reduce dependence on external borrowing as part of ongoing fiscal reforms, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said.
Edun spoke on Tuesday during an interview with Bloomberg Television on the sidelines of the World Economic Forum in Davos, Switzerland, where he outlined the government’s strategy for strengthening Nigeria’s economic foundations.
According to the minister, the focus of fiscal policy has shifted towards improving internal revenue mobilisation in order to support sustainable growth and reduce pressure from rising debt levels.
He said while Nigeria would continue to access international capital markets when necessary, borrowing would no longer be the centrepiece of fiscal planning, as emphasis is now placed on strengthening tax collection and improving fiscal resilience.
Edun explained that the government is implementing wide ranging tax reforms aimed at increasing revenue from about 14 per cent of Gross Domestic Product to 18 per cent by next year. He noted that the reforms build on major policy decisions taken since 2023 under President Bola Tinubu’s administration, including the removal of fuel subsidy, foreign exchange reforms, and a comprehensive restructuring of the tax system.
The minister said the reforms were designed to stabilise public finances, reduce reliance on external debt, and restore investor confidence in the Nigerian economy.
He also cited optimism from the International Monetary Fund, which recently upgraded Nigeria’s growth forecast to 4.4 per cent for 2026 from 4.2 per cent projected for 2025, despite weaker global oil prices.
At the forum, Edun is expected to engage investors on issues such as inflation control, foreign exchange stability, fiscal sustainability, and policy consistency.
Nigeria is also set to debut its first official national pavilion, Nigeria House Davos, as part of efforts to project the country’s economic narrative to global investors.
