The Federal Government has said it will increasingly depend on domestic resources while cutting back on borrowing.

Minister of Finance, Wale Edun, stated this on Tuesday during an interview on Bloomberg Television at the World Economic Forum in Davos, Switzerland.

He stressed that the administration is prioritising stronger revenue generation.

He added that although Nigeria could tap international bond markets if required, the government’s main focus is on mobilising domestic resources.

The minister’s comments come amid ongoing fiscal reforms aimed at strengthening the economy.

Edun said the government is working to boost tax revenue and improve fiscal sustainability in the face of growing global economic pressures, while pursuing strategies to cut borrowing and expand revenue generation.

“The issue now is to focus on revenue, focus on domestic resource mobilization,” he said.

“We’re hoping to rely less on borrowing.”

The minister said Nigeria remains open to international capital markets if necessary, but stressed that domestic reforms are at the heart of the government’s fiscal strategy.

Since assuming office in 2023, President Bola Tinubu’s administration has rolled out sweeping economic reforms to boost growth and stabilise public finances.

These include removing foreign exchange restrictions, scrapping fuel subsidies, and reforming the tax system.

The tax overhaul is expected to raise revenue to 18 per cent of GDP next year from about 14 per cent currently, as the government pursues long-term economic sustainability and reduced reliance on external borrowing.