During a management retreat for the Nigerian Revenue Service in Abuja, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stressed the urgent need for Nigeria to reduce its dependence on borrowing. He pointed out that to stabilize finances and enable sustainable development, the country must cultivate a stronger, reliable domestic revenue base. Edun's comments come as the global financial landscape presents significant challenges for developing economies, which are increasingly facing higher costs for debt-driven financing.

Edun warned that the global trend towards isolationism and a retreat from multilateral cooperation has made it more difficult for developing nations to secure financial support. He noted that countries are now prioritizing domestic interests at the expense of international cooperation, leading to a financial environment that is particularly hostile to poorer countries. This atmosphere results in an unfavorable balance for Nigeria, where it struggles with high debt servicing costs while relying on dwindling foreign support.

The Finance Minister's remarks highlight a crucial developmental imperative for Nigeria: the need for revenue mobilization. With the current global economic climate worsening and traditional funding avenues narrowing, it is essential for Nigeria to innovate and enhance its domestic revenue generation strategies. This shift is not merely a financial necessity, but a vital step towards achieving sustainable economic development for the country.