Minister of Finance, Wale Edun, has disclosed that the Federal Government plans to reduce its dependence on borrowing and rely more on domestic resources.
The minister stated this while speaking on Bloomberg Television at the World Economic Forum in Davos, Switzerland, on Tuesday.
He emphasised the need to focus on revenue generation noting that while the country can 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 and also listed strategies aimed at reducing borrowing while expanding revenue generation.
Edun added: “The issue now is to focus on revenue, focus on domestic resource mobilisation. We’re hoping to rely less on borrowing.”
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.
