By Kingston Magare
Minister of Finance Wale Edun has spoken of the Federal government’s plan to stop dependency on borrow to finance its projects stating that they will rely on domestic resources.
Mr. Edun who was speaking on Bloomberg Television at the ongoing 56th World Economic Forum in Davos, Switzerland noted that the government will raise tax revenue and strengthen fiscal sustainability
“The issue now is to focus on revenue, focus on domestic resource mobilization,” Mr. Edun said.
“We’re hoping to rely less on borrowing,” he added.
Nigeria’s internal and external borrowing in 2025 rose to over N150 trillion leaving the government to juggle between debt servicing and providing infrastructure that will boost the economy. Debt serving costs are expected to raise over N15 trillion in 2026.
Economic experts have called on government to inculcate strict management of resources, fiscal discipline, and transparency to drive down government expenditure and boost revenue.
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.