.President Bola Ahmed Tinubu has carried out a major reshuffle of his economic team, replacing key ministers as pressure mounts to balance economic reforms with relief for Nigerians
The shake-up saw the exit of Wale Edun as Minister of Finance and Coordinating Minister of the Economy. He has been replaced by Taiwo Oyedele, who was previously Minister of State for Finance.
Similarly, Ahmed Musa Dangiwa stepped down as Minister of Housing and Urban Development, with Muttaqha Rabe Darma named as his successor.
According to a statement from the office of the Secretary to the Government of the Federation, the changes are aimed at improving coordination and accelerating delivery under the administration’s Renewed Hope Agenda.
All outgoing ministers were directed to complete their handover processes immediately.
Edun’s tenure was marked by sweeping economic reforms, including the removal of fuel subsidy and the unification of exchange rates. While these policies helped stabilise key economic indicators and boost investor confidence, they also triggered a surge in inflation and a sharp increase in the cost of living.
Economic data during his time in office showed moderate growth, with GDP rising and fiscal revenues improving. However, many Nigerians faced rising food prices, transport costs, and declining purchasing power.
The appointment of Oyedele has been welcomed by some stakeholders, particularly in the financial and investment sectors, who expect more investor-friendly policies and better engagement with the market. However, experts have also cautioned against excessive taxation and called for policy stability to sustain growth.
Analysts say the new finance minister faces a critical challenge: maintaining economic gains from reforms while reducing the burden on households and businesses.
Both outgoing ministers expressed gratitude to the president for the opportunity to serve, highlighting their contributions to economic and housing reforms. They also pledged continued support for the administration’s goals.
The reshuffle signals a possible shift in economic strategy as the government seeks to address public concerns over hardship while sustaining long-term development plans.
