In a move aimed at recalibrating his administration’s economic strategy, President Bola Ahmed Tinubu has approved a minor cabinet reshuffle, relieving the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Minister of Housing and Urban Development, Ahmed Musa Dangiwa, of their posts .
The changes, announced in an official memo from the Office of the Secretary to the Government of the Federation (SGF) on Tuesday, elevate Taiwo Oyedele to the role of Minister of Finance and Coordinating Minister of the Economy. Oyedele, a 50-year-old economist and tax expert who previously served as Minister of State for Finance, is now tasked with steering Africa’s largest economy through its ongoing reforms .
Dr. Muttaqha Rabe Darma has been named the ministerial nominee and minister-designate for the Ministry of Housing and Urban Development, pending constitutional confirmation .
A Swift Handover
According to the directive signed by SGF Senator George Akume, the outgoing ministers are to complete the handover of official responsibilities to their successors by the close of business on Thursday, April 23 .
While Edun has been directed to hand over directly to Oyedele, Dangiwa has been instructed to transfer his duties to the Minister of State in the housing ministry until Darma’s formal assumption of office .
The Rationale for Change
Secretary Akume explained that the “minor” reshuffle is designed to strengthen “cohesion and synergy in governance,” specifically to enhance the delivery of economic benefits to Nigerians under the administration’s “Renewed Hope Agenda” .
President Tinubu, exercising his constitutional powers under Sections 147 and 148 of the 1999 Constitution, thanked the outgoing ministers for their service and wished them well .
Outgoing Ministers Reflect on Tenure
Following his exit, Wale Edun issued a statement expressing pride in his stewardship. Reflecting on the administration’s tenure, Edun noted that despite inheriting a difficult economic climate, coordinated reforms yielded measurable results.
“Economic growth improved from about 2 per cent to over 4 per cent, while inflation declined significantly from 35 per cent to 15 per cent,” Edun stated, attributing the outcomes to deliberate efforts to stabilize the macroeconomy and boost investor confidence .
Similarly, outgoing Housing Minister Ahmed Dangiwa expressed gratitude to President Tinubu for the opportunity to serve. He highlighted the rollout of the Renewed Hope Housing Programme and the strengthening of public-private partnerships as key milestones achieved under his leadership .
Profile of the New Finance Minister
Taiwo Oyedele brings significant private and public sector experience to his new role. Before his political appointment, he served as the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, where he was instrumental in overhauling Nigeria’s tax system, leading to the recent tax reform legislations .
He holds a Higher National Diploma in Accountancy from Yaba College of Technology and a BSc in Applied Accounting from Oxford Brookes University. He has also completed executive education programs at the London School of Economics, Yale University, and the Harvard Kennedy School .
Oyedele is also a Professor at Babcock University and a visiting scholar at the Lagos Business School .
