The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has said the Federal Government is working to reduce its dependence on borrowing while intensifying efforts to attract both domestic and foreign investment into the Nigerian economy.
Edun disclosed this in an interview with Bloomberg Television on Tuesday on the sidelines of the World Economic Forum in Davos, Switzerland, where Nigeria is showcasing its economic reforms and renewed investor confidence.
He explained that although the 2026 budget deficit appears wider following approval by the National Assembly, the administration of President Bola Ahmed Tinubu remains committed to fiscal consolidation after implementing major economic reforms.
“On paper, we have a wider budget deficit because we’ve got the approval of the National Assembly,” Edun said.
“But the commitment of President Bola Ahmed Tinubu under the Renewed Hope Agenda, having removed major distortions and stabilised the economy, is to consolidate, rely less on debt, and drive investment.”
The minister said Nigeria’s presence at the Davos forum was to project the country’s improved macroeconomic stability and signal its readiness for investment.
“We’re here in Davos to tell the Nigerian story and to show how investible Nigeria is now that we have a stable macroeconomic environment,” he said.
Edun also noted that while Nigeria still has room to return to the international debt market through another Eurobond issuance, any such move would depend on favourable market conditions and strict adherence to borrowing guidelines.
“You have to be within your rules, regulations and margins for borrowing, and the timing has to be right,” he said. “We’re hoping to rely less on borrowing, but we’ll see what happens. We do have the latitude to come to the market.”
He added that the government’s immediate focus is on boosting domestic investment and increasing local savings to drive sustainable economic growth.
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