FG Hoping to Rely Less on Borrowing, Says Finance Minister Wale Edun
The Federal Government has reiterated its commitment to reducing Nigeria’s dependence on borrowing, as Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed plans aimed at strengthening revenue generation and fiscal discipline.
Speaking on the country’s economic outlook, Edun explained that the government is prioritising policies that will expand the revenue base, stimulate private sector participation and ensure more efficient use of public funds. According to him, excessive borrowing is unsustainable and limits long-term economic stability.
He noted that current reforms are focused on improving tax administration, blocking revenue leakages and enhancing transparency across government institutions. The aim, he said, is to create a healthier balance between expenditure and income while reducing pressure on public debt.
Edun also highlighted the role of economic diversification, stressing that Nigeria must move away from over-reliance on oil revenues. By strengthening non-oil sectors such as agriculture, manufacturing, technology and services, the government hopes to unlock new income streams capable of funding critical infrastructure and social programmes.
The finance minister added that improved coordination between fiscal and monetary policies remains central to the administration’s economic agenda. He expressed confidence that with sustained reforms, Nigeria can gradually shift from debt-driven financing to growth-led development.
As global economic uncertainties persist, Edun maintained that the government’s strategy is designed to protect the economy, restore investor confidence and place Nigeria on a more sustainable financial path.
