President Bola Tinubu has carried out a major cabinet reshuffle affecting his economic management team, replacing key ministers in the finance and housing portfolios as his administration seeks to balance ongoing reforms with rising public concerns over living costs.
According to a memo issued by the Office of the Secretary to the Government of the Federation and signed by George Akume, Mr Wale Edun and Mr Ahmed Musa Dangiwa have been directed to step down from the Federal Executive Council.
The memo stated that the changes are part of efforts to strengthen coordination within government and improve the delivery of the administration’s economic agenda under the Renewed Hope Agenda.
In the reshuffle, Taiwo Oyedele has been named to take over as Minister of Finance and Coordinating Minister of the Economy, while Muttaqha Rabe Darma has been nominated as Minister-designate for Housing and Urban Development. The outgoing housing minister has been instructed to hand over to the Minister of State in the ministry.
The government said all handover processes are expected to be completed within 24 hours, in line with presidential directives issued under the 1999 Constitution.
The presidency explained that the reshuffle is aimed at improving synergy in economic management and accelerating policy outcomes amid ongoing reforms.
The move comes at a time when the administration is under pressure to manage the social impact of its economic policies, including subsidy removal and exchange rate reforms, which have contributed to rising living costs.
Wale Edun, who served as Coordinating Minister of the Economy since 2023, played a central role in implementing major reforms such as fuel subsidy removal, foreign exchange unification, and tax restructuring. While these measures improved fiscal indicators and investor confidence, they also coincided with inflationary pressure and increased hardship for households.
During his tenure, Nigeria recorded improved GDP growth and stronger fiscal performance, alongside efforts to expand revenue generation and improve budget implementation. However, the reforms also triggered widespread cost-of-living challenges, particularly in food and transport sectors.
In his reaction, Edun thanked President Bola Tinubu for the opportunity to serve, describing his time in office as a period of significant economic restructuring and macroeconomic stabilisation.
He said the administration succeeded in improving growth and reducing inflation from earlier highs, while laying foundations for long-term economic stability.
Similarly, Ahmed Musa Dangiwa expressed gratitude to the president, noting that his tenure in the housing ministry focused on expanding affordable housing delivery, strengthening public-private partnerships, and advancing reforms in land administration under the Renewed Hope Agenda.
Stakeholders in the capital market have also reacted to the appointment of Taiwo Oyedele, describing it as a positive development due to his background in fiscal policy and tax reform.
They urged the new finance minister to prioritise investor confidence, regulatory stability, and tax reforms that support both businesses and households.
Analysts say the reshuffle signals a possible shift in economic direction, with expectations that the incoming team will maintain reform momentum while introducing measures to ease economic pressure on citizens.
