The federal government has stated that it will reduce borrowing while relying more on domestic resources.

This was said by Finance Minister Wale Edun on Tuesday at the World Economic Forum in Davos, Switzerland, in an interview with Bloomberg Television.

He emphasised that increased revenue creation is a top priority for the administration.

He continued by saying that the government's primary goal is to mobilise domestic resources, even though Nigeria may access foreign bond markets if necessary.

The minister's remarks coincide with current fiscal changes meant to boost the economy.

According to Edun, the government is seeking methods to reduce borrowing and increase income production while attempting to increase tax collection and improve fiscal sustainability in the face of mounting global economic pressures.

"Focussing on revenue and mobilising domestic resources is the current issue," he said.We wish to rely less on borrowing.

The minister stated that Nigeria is still accessible to foreign capital markets if necessary, but stressed that domestic changes are at the heart of the government's financial plan.
President Bola Tinubu's administration has implemented extensive economic changes to increase growth and balance public finances since taking office in 2023.

These include doing away with fuel subsidies, eliminating foreign exchange restrictions, and changing the tax code.

As the government strives for long-term economic sustainability and less reliance on external borrowing, the tax revamp is anticipated to increase revenue to 18% of GDP next year from roughly 14% today.