During a recent management retreat of the Nigerian Revenue Service in Abuja, Finance Minister Wale Edun highlighted the urgent need for Nigeria to cut its dependence on borrowing. He stated that to stabilize the nation's finances and sustainably fund development, a stronger and more reliable domestic revenue base must be established. This comes amid a shifting global financial environment that increasingly poses challenges to developing economies, making debt financing less viable.

Edun acknowledged that the world is experiencing a retreat from multilateral cooperation, with nations prioritizing their own domestic interests. This shift has come at a time when developing countries, like Nigeria, find themselves in a precarious position where the balance of foreign assistance versus debt obligations is tilting unfavorably. Such conditions can exacerbate the financial struggles faced by poorer nations, compelling them to rethink their economic strategies.

The Minister's comments shed light on the broader implications for Nigeria's economic policy, indicating that revenue mobilization is not just a fiscal necessity but a critical component of developmental strategy. By taking steps to strengthen domestic revenue collection, Nigeria can aim to improve its financial resilience and secure a more stable economic future, reducing vulnerability to external financial pressures.