FG targets less borrowing, more investments

The Federal Government has said it plans to reduce its dependence on borrowing, invest more in the economy and rely more on domestic resources.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said this while speaking on Bloomberg Television at the ongoing 56th World Economic Forum in Davos, Switzerland, yesterday.

The minister’s remarks, coming against the backdrop of the Federal Government’s efforts to implement fiscal reforms and strengthen the economy, emphasised the need to focus on revenue generation.

He said while the country could access international bond markets, if necessary, the government’s priority was 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, who also highlighted strategies to reduce borrowing while expanding revenue generation, said: ‘’The issue now is to focus on revenue, focus on domestic resource mobilization. We’re hoping to rely less on borrowing.’’

The minister also noted that Nigeria remained open to international capital markets if needed, but said domestic reforms were 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.

They include removing currency restrictions, ending a costly fuel subsidy, and overhauling the nation’s tax framework.