Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reaffirmed the Federal Government’s commitment to reducing reliance on borrowing while intensifying efforts to attract both local and foreign investment.
Speaking to Bloomberg TV on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland, Edun said the Tinubu administration is prioritising fiscal consolidation following major economic reforms.
Although Nigeria’s budget deficit appears wider after approval by the National Assembly, Edun explained that this is largely on paper and does not reflect the government’s long-term strategy.
“The commitment under President Bola Ahmed Tinubu’s Renewed Hope Agenda is to consolidate, rely less on debt, and drive investment,” he said.
According to the minister, Nigeria’s presence at Davos is aimed at showcasing improved macroeconomic stability and positioning the country as an investible destination.
Edun noted that while Nigeria still has room to issue another Eurobond, any return to the international debt market would depend strictly on market conditions and existing borrowing rules.
“We’re hoping to rely less on borrowing, but we do have the latitude to come to the market if the timing is right,” he added.
He stressed that the government’s current focus is on boosting domestic investment, increasing local savings, and creating sustainable economic growth rather than accumulating more debt.
