The Federal Government has said it plans to invest more in the economy, 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 ongoing 56th World Economic Forum in Davos, Switzerland, on Tuesday.
“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’s remarks come as Nigeria implements fiscal reforms aimed at strengthening its economy.
Edun emphasised the need to focus on revenue generation.
The Minister added that while the country could access international bond markets, if necessary, the government’s priority is to mobilise its own resources.
He outlined the government’s efforts to raise tax revenue and strengthen fiscal sustainability amid mounting global economic pressures.
Edun also highlighted strategies aimed at reducing borrowing while expanding revenue generation.
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.
Since taking office in 2023, President Bola Tinubu’s administration has introduced several economic reforms to drive growth and stabilise public finances.
These measures include removing currency restrictions, ending a costly fuel subsidy, and overhauling the nation’s tax framework.
Other measures introduced by FG include the tax reforms, which aim to raise revenue to 18% of GDP next year, up from roughly 14% currently.
The Minister also noted that the FG’s policies target long-term economic sustainability while reducing reliance on external debt.
These initiatives, he emphasised, are part of broader efforts to modernize Nigeria’s economy and strengthen investor confidence.
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.
IMF’s projections come despite weaker oil prices, Nigeria’s top export and major foreign-exchange earner.
It also noted that government reforms are expected to further stabilize revenue collection and support fiscal sustainability.
“The combination of domestic resource mobilisation and ongoing reforms underscores Nigeria’s effort to reduce debt dependence and strengthen its economic foundations,” the IMF had said.
Edun will use the Davos meeting 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.
The Federal Government will also debut its first-ever official national pavilion, Nigeria House Davos, at the Forum.
