The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that the country is shifting focus from concessional funding to increasing revenue through tax reforms and asset optimization.
Edun made this disclosure during a press conference on Nigeria’s participation in the 2025 IMF and World Bank spring meetings held in Washington, DC.
He stated that the government has shifted its focus away from concessional funding provided by institutions like the World Bank, bilateral agencies, the European Union, and countries such as Germany and France.
Edun also highlighted Nigeria’s progress in reducing its debt to the International Monetary Fund.
The consistent quarterly repayment has resulted in an 87.5 per cent reduction in outstanding debt over two years.
Edun noted that with the current repayment trend, Nigeria is on track to eliminate its IMF debt by mid-2025, marking a significant milestone in the country’s financial governance.
“Raising commercial funds from Nigerians, then Nigerian diasporas saving in dollars by buying government dollar-denominated eurobonds, and then ultimately going to the eurobond market has run its course, and the focus now is on domestic revenue mobilisation,” the minister said.
“The focus is on crowding in the private sector so that they can come in and invest across the board: infrastructure, digital, toll roads,” Edun added.
The minister said all revenue-generating areas of the government are now open to private sector participation, noting that the budget even includes a provision for privatisation.
He explained that this move reflects the government’s commitment to opening up the economy, describing it as a strategy to “block and fill” any gaps caused by the impact of US tariffs.
