President Bola Tinubu has carried out a major shake-up of his economic management team, appointing tax expert Taiwo Oyedele as the new Minister of Finance and Coordinating Minister of the Economy, in place of Wale Edun.
The decision, announced on Tuesday, also affected other key ministries, including housing, and is seen as one of the most significant changes in the administration’s economic leadership since it took office.
According to the presidency, the reshuffle is aimed at strengthening coordination within government and improving the delivery of ongoing economic reforms under the Renewed Hope Agenda. However, sources familiar with the development say the move followed months of internal disagreements and concerns over policy coordination within the economic team.
Oyedele, who previously served as Minister of State for Finance and chaired the presidential fiscal policy and tax reform committee, now takes charge of Nigeria’s overall economic direction at a time of mounting pressure from inflation, rising living costs, and currency instability.
The change also saw Ahmed Dangiwa removed as Minister of Housing and Urban Development, while Muttaqha Rabe Darma was nominated to take over the role, pending confirmation.
Edun exits after months of internal tensions
Wale Edun’s exit reportedly follows prolonged concerns over coordination within the finance ministry, particularly between senior officials handling overlapping responsibilities. Government insiders say these issues affected policy execution and slowed decision-making at a critical time for the economy.
Although Edun was not formally informed before returning from the IMF/World Bank Spring Meetings in Washington, he has since issued a statement thanking President Tinubu for the opportunity to serve.
He defended his tenure, noting that the administration inherited a difficult economic situation and worked to stabilise key indicators through reforms such as fuel subsidy removal and foreign exchange liberalisation.
“These outcomes were driven by a shared commitment to restoring public trust and enabling faster and inclusive growth,” Edun said, while expressing support for the continuation of the reform agenda.
Oyedele faces tough economic realities
Oyedele steps into office at a challenging moment for Nigeria’s economy, with inflation still high, the naira under pressure, and citizens struggling with rising living costs following major policy reforms.
He is expected to oversee fiscal policy, revenue mobilisation, and economic coordination across ministries, while also managing debt pressures and limited government revenue.
Nigeria’s dependence on oil revenue, weak tax compliance, and high debt servicing costs remain major constraints. Analysts say his background in tax reform positions him strongly for efforts to broaden the tax base and improve revenue generation.
However, experts also warn that any attempts to increase taxation could face resistance, given current economic hardship.
Expert reactions and expectations
Economists say Oyedele’s appointment could mark a shift toward more technocratic economic management.
Some analysts describe him as well-suited for the role, citing his experience in fiscal policy and tax reform. Others believe the timing is critical, given the need to translate economic reforms into real relief for households.
While supporters of the appointment see it as a step toward strengthening Nigeria’s fiscal discipline, they also caution that success will depend on political backing, effective coordination, and careful policy sequencing.
A critical moment for economic policy
The reshuffle comes at a politically sensitive time, with public frustration over inflation and cost of living still high. It also comes ahead of the 2027 election cycle, where economic performance is expected to play a major role.
For President Tinubu, the changes signal a renewed push to stabilise the economy and improve policy coherence. For Oyedele, it marks a high-stakes assignment that will test both technical expertise and political navigation in one of Africa’s most complex economies.
