Edun Warns Against Nigeria’s Reliance on Foreign Debt, Urges Domestic Revenue Drive

Finance Minister Wale Edun warned that Africa cannot sustainably fund its development through external debt, aid or investment alone. Speaking at the opening of the African Union Sub-Committee on Tax and Illicit Financial Flows in Abuja, he said illicit financial flows cost the continent nearly $88 billion each year. Edun urged countries to prioritise domestic revenue mobilisation under AU Agenda 2063. He highlighted recent tax reforms, the removal of fuel subsidies and the unified foreign exchange market as steps that have improved fiscal transparency and strengthened investor confidence. The minister also outlined measures to curb illicit flows and modernise tax systems, including the launch of a National Single Window to enhance trade efficiency. He stressed the need for cross-border cooperation and stronger institutions to secure long-term economic stability. Revenue Service Chairman Zacch Adedeji and ATAF Executive Secretary Mary Baine echoed his call. They emphasised the importance of robust, fair and efficient tax systems to finance infrastructure, healthcare and social development from internal resources.

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