Nigeria shifting from borrowing to asset optimisation, private investment — Edun
The Minister of Finance, Wale Edun, has stated that the Federal Government is gradually reducing its reliance on borrowing to fund budget deficits, shifting instead towards optimising national assets and attracting private investment to stimulate economic growth.
He explained that this transition is designed to lessen the country’s dependence on debt while making more efficient use of its existing resources. Additionally, it aims to create a more sustainable economic environment by encouraging private sector participation.
This move represents a significant change from past approaches, which placed a heavy emphasis on borrowing to sustain government operations.
Edun made these remarks on Thursday in Abuja during a two-day high-level interactive session focused on enhancing collaboration for sustainable financial management and national development.
The event brought together senior government officials, lawmakers, agency heads, and private sector stakeholders to discuss strategies for improving cooperation in order to achieve economic sustainability.
He reassured participants that the government remains committed to improving transparency, curbing waste, and fostering accountability in public financial management, while making the most of Nigeria’s abundant resources.
“We are at the stage where the emphasis is shifting away from borrowing, particularly from commercial markets with high costs, towards maximising assets and encouraging private sector investment, whether from domestic or foreign sources,” he stated.
More importantly, Edun underscored the government’s commitment to forging strong partnerships, particularly with private sector players, to ensure financial sustainability.
“That is where financial strength will emerge—from a thriving, prosperous private sector that delivers,” he added.
He further noted that the Tinubu-led administration intends to strengthen public transparency, reduce inefficiencies, and promote accountability in financial management through collaborative efforts between the legislative and executive branches.
Edun expressed confidence that with collective determination and effective macroeconomic policies, the government can significantly reduce poverty and improve economic conditions for Nigerians.
Minister of State for Finance, Doris Uzoka-Anite, emphasised that achieving President Tinubu’s vision of a $1 trillion economy requires extensive collaboration and dedicated effort.
“We recognise that ensuring sustainable economic growth and sound financial management for our nation demands shared responsibility and a continuous commitment to effective governance,” she said.
She further highlighted that the government’s top priority is to establish strong and transparent fiscal policies that align seamlessly with national monetary policies.
According to her, such alignment is essential for enhancing economic stability, boosting investor confidence, and safeguarding national interests.
She added: “It is through strong cooperation, particularly between the legislative and executive arms of government, that we can refine our budgetary processes, strengthen fiscal discipline, and improve transparency in public financial management.
“By minimising inefficiencies, eliminating waste, and making the best use of available resources, we can focus our collective efforts on accelerating national development, particularly in critical sectors such as infrastructure, healthcare, agriculture, education, and social welfare.”
