BREAKING: Edun Faults Over independence On Foreign Loans

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Tuesday warned that Africa and Nigeria cannot continue to rely on external borrowing while losing huge resources to illicit financial flows, insisting that domestic revenue mobilisation must take centre stage.

Speaking at the opening of the 5th Session of the African Union Sub-Committee on Tax and Illicit Financial Flows in Abuja, Edun said, “Africa cannot sustainably finance its development through debt, aid, or external investment alone.”

He stressed that such sources “are inherently uncertain and often influenced by external dynamics beyond our control.”

He added that the continent must urgently curb illicit financial practices, noting that “illicit financial flows alone are estimated to cost the continent nearly $88bn annually—resources that should otherwise be invested in infrastructure, education, healthcare, and productive sectors of our economies.”