FG to adopt a new borrowing mix to reduce exposure to external loans, says Wale Edun

The minister of finance and coordinating minister of the economy, Mr.   Wale Edun has stated that the federal government is poised to adopt a new borrowing mix to reduce exposure to Eurobonds, other external loans

Speaking at the ongoing 31st Nigerian Economic Summit (NES) in Abuja, Edun said,   “The government will make greater use of Sukuk, green bonds, and diaspora bonds instead of Eurobonds,” he said.

He noted that this strategy would expand domestic investment participation while aligning debt issuance with Nigeria’s sustainable development goals.

He expressed that  the FG is determined to ensure full transparency in public finances by bringing all government funds under the supervision of the Central Bank of Nigeria (CBN).

According to him, the government only gained full visibility of its accounts with the CBN on August 1, 2025.

“We are determined to bring all federal government funds into visibility. There is a lot of government money lying outside the CBN,” he said.

The minister said the new fiscal reforms intend to strengthen accountability, improve efficiency, and ensure that every naira of public revenue is properly tracked.

To support this, Edun said the government has introduced a new federal billing system to monitor payments for goods and services, ensuring that all transactions are traceable and accurately recorded.

He explained that the reforms go beyond transparency to include measures that have boosted revenue available to all tiers of government.

The minister said allocation to states has increased by over 111 percent following the removal of the petrol subsidy and exchange rate unification.

“States are now awash with cash and additional funds are to empower states to drive growth and service delivery at the sub-national level,” Edun said.

Edun described the exchange rate unification and subsidy removal policies as the most significant reforms, freeing up about 5 percent of Nigeria’s gross domestic product (GDP) into the federation account.

The minister said the government had reached an agreement with the national assembly to ensure timely budget execution and restore adherence to the normal fiscal calendar.

“No more extensions of the budget into the next year, which has created so much confusion in the system,” Edun said.

“We have talked to the national assembly and agreed to restore normalcy in that space.”

The minister said consistent and disciplined budget implementation is key to transparency, better project delivery, and credible public expenditure tracking.

On inflation, the minister said government interventions began with deliberate fiscal policy adjustments and smarter spending priorities.