By Ajibola Olaide, JKNewsMedia Reporter
THE FEDERAL Government has disclosed it plans to raise revenue to 18.7 per cent of Gross Domestic Product (GDP) and reduce its debt-service-to-revenue ratio to 21.01 per cent by 2030 as part of efforts to secure an investment-grade sovereign credit rating.
JKNewsMedia.com reports that the Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite, disclosed the targets on Thursday while delivering the keynote address at the 2026 International Credit Rating Webinar organised by DataPro Limited.
Speaking on the theme, “Achieving Investment-Grade Rating by 2030: The Roadmap for Nigeria,” she said the proposed National Development Plan (NDP) 2026 to 2030 would drive efforts to build a diversified, resilient and globally competitive $1 trillion economy.
Under the proposed plan, government revenue is expected to rise from 11.15 per cent of GDP in 2025 to 18.70 per cent by 2030.
The Federal Government’s debt-service-to-revenue ratio is projected to fall from 62.93 per cent to 21.01 per cent over the same period.
Uzoka-Anite cautioned that the figures remained projections and would depend on effective reforms, sustained economic growth, prudent borrowing and improved revenue collection.
She said sovereign credit ratings reflected not only a country’s ability to meet its financial obligations but also investor confidence in its institutions, policy environment and capacity to attract long-term capital.
“Investment grade should be the outcome of stronger economic fundamentals, sustainable public finances, improved debt dynamics, rising productivity, stronger external buffers and credible institutions, not an end in itself,” she said.
The minister said Nigeria must address structural weaknesses, restore macroeconomic stability, expand productive capacity and create a more predictable investment environment to achieve the target.
She recalled that Nigeria recorded average real GDP growth of 3.11 per cent under the National Development Plan 2021 to 2025, below the 4.65 per cent target. She identified fiscal capacity, inflation, infrastructure and industrial productivity as continuing challenges.
Although economic performance had improved, she said persistent cost-of-living pressures and poverty highlighted the need to ensure that reforms translated into tangible improvements in citizens’ welfare.
Uzoka-Anite cited the International Monetary Fund’s June 2026 assessment, which projected Nigeria’s real GDP growth at 4.1 per cent for 2026 and noted improvements in the country’s external reserves.
She said the Federal Government had introduced several reforms since 2023, including petrol subsidy removal, foreign exchange market reforms, improvements in public financial management and measures to strengthen domestic revenue mobilisation.
The four major tax laws enacted in 2025 were also expected to simplify tax administration, improve compliance and boost revenue generation, she added.
However, she said the effectiveness of the reforms should ultimately depend on their capacity to stabilise the economy, reduce production costs, create jobs and improve living standards.
On government spending, the minister said the proposed development plan aimed to increase capital expenditure to 57.43 per cent of total government spending by 2030, up from 36.03 per cent in 2025.
She said the target would require efficient project preparation, transparent procurement, effective monitoring and accountability for results.
The proposed plan also projects public debt to decline from 36.07 per cent of GDP in 2025 to 18.83 per cent by 2030.
Uzoka-Anite stressed that government borrowing should finance productive investments that expand the economy rather than deepen fiscal pressures.
She said the government would continue to strengthen debt management, control refinancing risks and deepen domestic capital markets. It would also explore financing instruments such as Sukuk, green bonds and carefully structured public-private partnerships.
The minister identified economic diversification as another priority, saying Nigeria needed to broaden its export base, employment opportunities and foreign exchange earnings beyond a narrow range of economic activities.
She pointed to agriculture, manufacturing, refining, solid minerals, digital services, energy and logistics as sectors with opportunities to expand productive capacity and attract investment.
Under the proposed NDP 2026 to 2030, real GDP growth is projected to increase from 4.68 per cent in 2026 to 10.34 per cent in 2030, averaging 7.79 per cent throughout the plan period.
The plan also targets gross capital formation of 40 per cent of GDP by 2030, with the private sector expected to account for approximately 72 per cent of cumulative investment.
Uzoka-Anite said achieving the targets would require improvements in infrastructure, energy supply, access to finance, regulatory efficiency and policy predictability.
She maintained that government alone could not finance Nigeria’s development needs, stressing the importance of creating conditions that encourage private investment, strengthen domestic value chains and support sectors that improve productivity.
The minister also identified stronger institutions and credible policies as essential to improving Nigeria’s creditworthiness. She said investors needed confidence in government policies, procurement processes, regulatory systems and economic statistics.
She disclosed that the Federal Ministry of Budget and Economic Planning was institutionalising a National Macroeconomic Dashboard to track key indicators, including economic growth, inflation, revenue, fiscal balances, debt, investment, employment and external-sector developments.
The government had also established a Macroeconomic Assumptions Standing Committee to report to the Economic Management Team on the performance of key macroeconomic indicators, she said.
According to the minister, the initiatives would strengthen policy coordination, improve accountability and enable timely responses to emerging economic challenges.
She also said the Renewed Hope Ward-Based Development Programme would connect national development priorities with local infrastructure, production, employment and basic services across Nigeria’s 8,809 wards.
However, she said the programme’s success would depend on adequate financing, effective targeting, transparent implementation and measurable outcomes.
JKNewsMedia.com also reports that Uzoka-Anite stressed that the credibility of the proposed development plan would depend on implementation, coordination with annual budgets and alignment with development plans at the subnational level.
She said regular reporting, reliable data and transparent monitoring would allow investors and development partners to assess Nigeria’s progress, while credit rating agencies would continue to provide independent assessments of the country’s economic resilience.
The minister said Nigeria had significant economic advantages, including a large domestic market, abundant natural resources, a dynamic private sector and a growing digital economy.
She said the challenge was to convert those advantages into sustainable investment, higher productivity, job creation and inclusive growth.
Uzoka-Anite reaffirmed the Federal Government’s commitment to building a productive, resilient and competitive economy, linking the ambition to secure investment-grade sovereign credit quality by 2030 with the broader goal of developing a $1 trillion economy.
She commended DataPro Limited for organising the webinar, describing it as an important platform for dialogue on sovereign creditworthiness, investment and Africa’s long-term economic development.
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