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the Federal Government has said it plans to reduce its dependence on borrowing, invest more in the economy and rely more on domestic resources.<\/p>\n 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.<\/p>\n The minister\u2019s remarks, coming against the backdrop of the Federal Government\u2019s efforts to implement fiscal reforms and strengthen the economy, emphasised the need to focus on revenue generation.<\/p>\n He said while the country could access international bond markets, if necessary, the government\u2019s priority was to mobilise its own resources.<\/p>\n He outlined the government\u2019s efforts to raise tax revenue and strengthen fiscal sustainability, amid mounting global economic pressures.<\/p>\n Edun, who also highlighted strategies to reduce borrowing while expanding revenue generation, said: \u2018\u2019The issue now is to focus on revenue, focus on domestic resource mobilization. We\u2019re hoping to rely less on borrowing.\u2019\u2019<\/p>\n The minister also noted that Nigeria remained open to international capital markets if needed, but said domestic reforms were central to the government\u2019s fiscal policy.<\/p>\n Since taking office in 2023, President Bola Tinubu\u2019s administration has introduced several economic reforms to drive growth and stabilise public finances.<\/p>\n They include removing currency restrictions, ending a costly fuel subsidy, and overhauling the nation\u2019s tax framework.<\/p>\n Other measures introduced by the government include the tax reforms, which aim to raise revenue to 18 percent of GDP next year, up from roughly 14 percent currently.<\/p>\n Edun also noted that Federal Government\u2019s policies target long-term economic sustainability, while reducing reliance on external debt.<\/p>\n According to him, these initiatives are part of broader efforts to modernise Nigeria\u2019s economy and strengthen investor confidence.<\/p>\n Economic forecasts indicate Nigeria\u2019s reforms are showing early signs of progress.<\/p>\n Recall that the International Monetary Fund, IMF, upgraded Nigeria\u2019s growth forecast to 4.4 percent for 2026, up from an estimated 4.2 per cent in 2025.<\/p>\n IMF\u2019s projections come despite weaker oil prices, Nigeria\u2019s top export and major foreign-exchange earner. \u201cThe combination of domestic resource mobilisation and ongoing reforms underscores Nigeria\u2019s effort to reduce debt dependence and strengthen its economic foundations,\u201d the IMF had said.<\/p>\n Edun will use the Davos meeting to address investor concerns around policy consistency, inflation, foreign exchange stability, and fiscal sustainability.<\/p>\n Nigeria\u2019s message at WEF 2026 is shaped by wider global realities affecting emerging markets. Vanguard<\/p>\n A.I<\/p>\n Jan. 21, 2026<\/p>\n Tags: Davos<\/a> Vice president Kashim Shettima<\/a> Wale Edun<\/a><\/p>\n \n\t\tPost navigation<\/p>\n
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It also noted that government\u2019s reforms are expected to further stabilize revenue collection and support fiscal sustainability.<\/p>\n
The federal government will also debut its first-ever official national pavilion, Nigeria House Davos, launched by Vice President Kashim Shettima at the Forum on Monday.<\/p>\n
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