The Federal Government says it plans to reduce its dependence on borrowing, invest more in the economy and rely more on domestic resources.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this known on Tuesday this while speaking at the ongoing 56th World Economic Forum in Davos, Switzerland.
The minister’s remarks, coming against the backdrop of the Federal Government’s efforts to implement fiscal reforms and strengthen the economy, noted the need to focus on revenue generation.
He said while the country could access international bond markets, if necessary, the government’s priority was to mobilise its own resources.
The minister outlined the government’s efforts to raise tax revenue and strengthen fiscal sustainability, amid increasing global economic pressures.
Edun, who also emphasized strategies to reduce borrowing while expanding revenue generation, said the issue now was to focus on revenue and domestic resource mobilization.
He further noted that the nation remained open to international capital markets if needed, but said domestic reforms were central to the government’s fiscal policy.
Edited by Favour Owonibi.