The federal government has improved its resource allocation strategy and is exploring alternative revenue sources other than borrowing.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this during a virtual address on Thursday in Abuja at the opening of a two-day high-level interactive session in Abuja, which brought together members of the Senate and House of Representatives committees on finance, heads of agencies, and directors from the ministry.

He said, “With this decision the government has also reduced the nation’s dependence on high-cost commercial borrowing. Instead, the government is exploring alternative funding sources such as revenue generation, concessional loans, and strategic investments.”

Edun noted that the President Bola Tinubu administration has reached a stage where resource optimisation takes precedence, leading to a shift away from borrowing from commercial markets.

“We want to enhance public transparency, reduce waste, and foster accountability in public financial management while optimising our resources. We are at that optimisation stage, where there is less focus on borrowing, particularly from the commercial markets, which is quite high,” Edun said.