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Nigeria Should Generate Adequate Revenue to Reduce Deficit Financing, Says Finance Minister

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The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, emphasized the need for Nigeria to generate adequate revenue to reduce its high deficit financing. He stated that the country should not rely solely on borrowing to fund its budgets and should instead focus on investing in infrastructure that can generate revenues.

The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, declared on Thursday that Nigeria could not continue to rely on borrowing to fund its budgets, stressing the need for adequate revenue to finance them. Specifically, he said the nation must make necessary sacrifices to generate adequate revenues to reduce its current high deficit financing.

Edun, who spoke when he appeared before the joint Senate Committees on Finance, Appropriations, National Planning, and Local and Foreign Debts, scrutinising the 2024–2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), maintained that the best way Nigeria could fund its annual budgets was to spend more money on infrastructure that could generate revenues. The minister was flanked by the Executive Chairman of the Federal Inland Revenue Service, (FIRS), Mr Zacch Adedeji and the Director General of the Debt Management Office (DMO) Ms Patience Oniha, at the pane

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