The Nigerian government says it is shifting focus from heavy borrowing to increased domestic investment and revenue mobilisation as part of efforts to strengthen Nigeria’s economy.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this while speaking on Bloomberg Television on Tuesday at the ongoing 56th World Economic Forum (WEF) in Davos, Switzerland.
“The issue now is to focus on revenue, focus on domestic resource mobilisation. We’re hoping to rely less on borrowing,” Edun said.
He explained that although Nigeria remains open to international capital markets if necessary, the government’s priority is to mobilise domestic resources and expand revenue generation.
Edun said the Tinubu administration is implementing fiscal reforms aimed at strengthening public finances and reducing reliance on external debt, noting that efforts are ongoing to raise tax revenue and improve fiscal sustainability amid global economic pressures.
While acknowledging that the country could still access international bond markets, the minister stressed that domestic reforms are central to the government’s fiscal policy.
Since assuming office in 2023, President Bola Tinubu’s administration has introduced a number of economic reforms to drive growth and stabilise the economy. These include removing foreign exchange restrictions, ending the fuel subsidy regime, and overhauling Nigeria’s tax framework.
Edun noted that one of the key objectives of the tax reforms is to raise government revenue to about 18 per cent of GDP next year, up from roughly 14 per cent currently.
He added that the government’s policies are designed to ensure long-term economic sustainability, modernise the economy and strengthen investor confidence.
Recent economic forecasts suggest Nigeria’s reforms are beginning to yield results. The International Monetary Fund (IMF) has upgraded Nigeria’s growth projection to 4.4 per cent for 2026, from an estimated 4.2 per cent in 2025, despite weaker global oil prices.
The IMF said ongoing reforms are expected to further stabilise 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 said.
Edun said Nigeria would use the Davos meeting to address investor concerns around policy consistency, inflation, foreign exchange stability and fiscal sustainability.
He added that Nigeria’s message at WEF 2026 is shaped by broader global realities affecting emerging markets.
The Federal Government will also debut its first official national pavilion, Nigeria House Davos, at the Forum.
