Nigeria urged to focus on revenue, not borrowing
Wale Edun, Nigeria's Minister of Finance and Coordinating Minister of the Economy, has called for a shift from debt reliance to stronger domestic revenue generation. Speaking at a Nigerian Revenue Service management retreat in Abuja, Edun warned that global financial conditions are increasingly unfavourable for developing countries. He emphasized that sustainable development depends on Nigeria's ability to mobilize its own resources. Zacch Adedeji, Executive Chairman of the Nigerian Revenue Service, also highlighted the need for a new approach to leadership and accountability within the institution.
TLDR
- Wale Edun stressed that Nigeria must reduce its dependence on borrowing and focus on building a reliable domestic revenue base.
- He linked rising debt pressures to global shocks and warned that external funding flows have turned negative for developing countries.
- Edun said tax reforms are central to reducing debt reliance but require strong execution and improved compliance.
- Zacch Adedeji stated that the Nigerian Revenue Service must deliver measurable results to strengthen public trust and support national development.
- Both officials emphasized that the success of reforms should be judged by higher, more predictable revenues and improved public service delivery.
