File: Minister of Finance and Coordinating Minister of the Economy, Wale EdunThe Federal Government has unveiled plans to introduce a mass savings scheme aimed at reducing reliance on borrowing and expanding domestic investment, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said. He said the initiative aligns with broader reforms aimed at strengthening public finances, including improved revenue tracking and expenditure control. Edun acknowledged the strain posed by rising debt service costs, noting that interest rates had increased sharply in recent years. Edun added that while higher oil prices could boost government revenues, they also come with rising costs and inflationary pressures. However, PUNCH Online earlier reported that the Federal Government increased its borrowing plan for 2026 to N29.20 trillion following an expansion in the proposed budget size.

Source: Punch April 08, 2026 05:32 UTC