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Nigerian President Bola Tinubu replaced his finance minister, the architect of a radical economic policy overhaul, less than a year before elections in a surprise reshuffle.
Wale Edun, a former World Bank official and investment banker, was replaced by Taiwo Oyedele, a junior finance minister who oversaw a revamp of the country’s tax system, in Tinubu’s most high-profile cabinet reshuffle since taking office three years ago. It was not immediately clear, however, if the move marked a change of direction at the finance ministry.
Edun’s tenure has been marked by an aggressive push to overhaul sub-Saharan Africa’s second-largest economy after two recessions within a decade, leading to an uptick in foreign direct investment inflows. However, Nigeria’s debt burden has shot up thanks to increased government spending.
Officials close to the presidency told Semafor that Edun’s departure had no relation to his performance and had been brewing due to a personal issue, but did not elaborate.
Tinubu is set to seek a second term in a presidential election to be held next January.
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Edun was an early member of Tinubu’s team in May 2023, playing a leading role in the presidential transition before becoming an economic adviser and later the finance minister. He came into the job as one of the president’s long-time allies, having served as finance commissioner when Tinubu was governor of the revenue-rich Lagos state in the early 2000s.
Nigeria’s economy has undergone a radical transformation in the last three years, notably with the end of government subsidy payments on imported petroleum products that cost $10 billion in 2022, more than allocations for health and education. Inflation has been high with sharp rises in transportation and food costs, driving a cost-of-living crisis that is expected to push 2 million people below the poverty line this year, according to the consultancy PwC, raising the share of the poor population to 62% of the country’s 220 million people.
Edun backed Tinubu in maintaining the necessity of the government’s aggressive posture. In one of his final acts as finance minister last week, Edun ruled out a borrowing program from the International Monetary Fund.
But in a statement about the recent reshuffle, which also saw the housing minister leave the cabinet, the presidency said the changes were “aimed at strengthening cohesion, synergy in governance as well as achieving more impactful delivery on the economy to Nigerians.”
Some changes to Tinubu’s cabinet have followed resignations by ministers preparing to pursue other political ambitions. Yusuf Tuggar, who had been foreign minister since 2023, resigned last month to seek a state governorship. The electricity minister is also set to leave his role soon.
Notable
- Gilbert Chagoury, a Nigerian-Lebanese businessman and long-time Tinubu confidante, was displeased with the inadequate release of funds by the finance ministry for a multibillion-dollar road construction project, a factor in the decision to dismiss Edun, reported Abuja-based publication TheCable.