Nigeria’s financing strategy was launched in September 2022 by the President of Nigeria. It aims to support the financing of the 2021-2025 National Development Plan and the 8 SDG priorities, diversifying the economy away from oil revenues. The SDG financing gap is estimated to be US$10 billion annually and to fill this gap, Nigeria’s financing strategy is designed as an umbrella strategy for the medium-term revenue strategy, expenditure framework, fiscal federalism and private sector reforms.
The specific reforms include broadening federal and state revenue base, tax administration reforms including digitalisation, the shift from one-year fiscal planning to multi-year perspective, alignment of expenditures with 8 SDG priorities, enhancing the contribution of institutional investors and pension funds in SDG financing and leveraging remittances and diaspora investment.
The high-level INFF steering committee, led by the Minister of Finance, Budget and National Planning and supported by a multistakeholder Core Working Group, will be overseeing the INFF implementation in Nigeria.