Yesterday, the Federal Government outlined strategic initiatives being undertaken to optimise its assets, enhance efficiency and improve sustainability, as part of broader efforts to reduce reliance on borrowings and increase government’s revenue.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun said the strategic initiatives have led to noticeable reduction in the nation’s dependence on high-cost commercial borrowing.
In his address at the opening of a two-day high-level interactive session in Abuja, Edun said the government is moving away from high-cost borrowing to alternative funding sources such as revenue generation, concessional loans, and strategic investments.
The event focused on strengthening collaboration for sustainable financial management and national development, bringing together members of the Senate and House Committees on Finance, heads of agencies, and directors from the ministry.
Edun stated that the administration has reached a stage where resource optimization takes precedence, leading to a shift away from borrowing from commercial markets. According to him, this shift is part of broader efforts to promote fiscal responsibility and reduce the financial strain caused by expensive loans.
“We want to enhance public transparency, reduce waste, and foster accountability in public financial management while optimizing our resources.
“We are at that optimization stage, where there is less focus on borrowing, particularly from the commercial markets, which is quite high. We are focusing more on optimizing assets and attracting private sector investment, whether domestic or foreign. That’s the collaboration I keep referring to, and it emerges at every stage,” Edun said.
He expressed confidence in the government’s economic strategy, insisting that by using macroeconomic tools, Nigeria can significantly reduce poverty and promote sustainable development. He stressed the need for mutual respect, cooperation, and collaboration among key stakeholders in serving under the leadership of President Bola Ahmed Tinubu.
“This event demonstrates the commitment of the Federal Ministry of Finance to partner with critical stakeholders at various levels in driving sustainable economic growth and sound financial management for our dear country,” he added.
