By Tobi Akinloye
President Bola Ahmed Tinubu has removed Wale Edun as Minister of Finance and Coordinating Minister of the Economy, appointing tax policy expert Taiwo Oyedele as his replacement in a major shake-up of the country’s economic management team.
The development, announced on Wednesday in a statement by the Presidency, signals a strategic shift in the administration’s fiscal direction amid mounting pressure over revenue shortfalls, inflation, and slow economic recovery.
Oyedele, who previously chaired the Presidential Committee on Fiscal Policy and Tax Reforms, is widely regarded as a leading voice in tax administration and public finance. His elevation is seen as a move to deepen ongoing reforms aimed at boosting government revenue and improving the efficiency of Nigeria’s tax system.
Sources within the Presidency said the decision followed weeks of internal review of the administration’s economic performance, with particular concern over declining government revenues and challenges in implementing key fiscal policies.
Edun, a close ally of the President and one of the architects of the administration’s early economic reforms, had overseen major policy shifts including subsidy removal and foreign exchange liberalisation. However, critics have argued that the reforms have yet to translate into tangible relief for Nigerians grappling with rising living costs.
Analysts say Oyedele’s appointment could mark a renewed emphasis on tax reforms and revenue mobilisation, especially as the Federal Government seeks to widen the tax base and reduce reliance on borrowing.
While the Presidency did not immediately outline specific policy changes, officials hinted that the new Finance Minister would prioritise harmonisation of taxes, improvement in compliance, and support for businesses through a more predictable fiscal environment.
The transition is expected to take immediate effect.
