* Tinubu’s government banks on private sector to save economy

* We’re building buffers to withstand global shocks– Finance Minister

The Federal Government has announced plans to abandon heavy foreign borrowing and instead focus on mobilising domestic capital, boosting revenues, and crowding-in private investments to drive economic growth.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this at a press conference in Washington D.C. as the curtains fell on the 2025 Spring Meetings of the International Monetary Fund and World Bank.

Edun, who led Nigeria’s delegation, said that building fiscal buffers capable of absorbing external shocks had become a national priority amid rising global uncertainties and the recent decline in oil prices.

He said: “We must rely on domestic policy as the first line of defence. It’s crucial to safeguard fiscal sustainability, build savings, and strengthen our capacity to withstand shocks.”

Although recent global tariff hikes may not directly impact Nigeria, Edun warned that the knock-on effect of falling oil prices could significantly dent fiscal estimates.

He explained that President Bola Tinubu’s administration would double down on initiatives in agriculture, infrastructure development, social security, and oil sector reforms to ensure sustainable growth, adding that Nigeria’s

“Renewed Hope Agenda” aligns with the World Bank’s new focus on job creation as the pathway to prosperity,” he stated.

Facing fresh fiscal pressures, the Federal Government has begun recalibrating its 2025 budget to align with current realities. A special sub-committee comprising key ministries and agencies has been mandated to model different economic scenarios and propose necessary adjustments.

The minister said: “Budgets are statements of intent. They must reflect what is attainable. The team is working hard to present recommendations to the Economic Management Team and subsequently the Federal Executive Council.”

He stressed that beyond oil, which remains Nigeria’s primary source of foreign exchange, efforts to ramp up crude production and increase operational efficiency at the Nigerian National Petroleum Company Limited (NNPCL) were already underway.

A new digital-driven revenue assurance initiative is also being rolled out to automate the operations of government revenue-generating agencies and plug leakages.

In a major departure from previous administrations, Edun made it clear that Nigeria’s days of frequent trips to the international debt market were over.

“Initially, the focus was on concessional loans, Eurobonds and diaspora bonds, but that phase has run its course. Now it’s about raising domestic revenues and drawing in private sector investments,” he added.

According to him, the Tinubu government aims to create an enabling environment for the private sector to lead investments in infrastructure, the digital economy, toll roads and other strategic sectors.

The Minister revealed that the 2025 budget would include a specific allocation for privatisation, underscoring the government’s resolve to open more sectors to private participation and reduce reliance on public borrowing.

Despite the global headwinds, Edun expressed optimism about Nigeria’s economic trajectory, citing the country’s recent upgrade by Fitch Ratings from B- to B with a positive outlook as proof of investor confidence in ongoing reforms.

“This week’s engagements at the IMF and World Bank confirmed that Nigeria is on the right track. We are stabilising our economy, creating jobs, and fostering growth despite the uncertainties,” he said.

In his closing remarks, the Minister assured Nigerians that the government would continue to implement recalibrated policies anchored on data transparency, economic stability, and private sector-led growth to drive the nation towards sustainable prosperity.