Former Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has highlighted key economic gains recorded during his tenure, including improved growth and a significant decline in inflation.
This was contained in his farewell statement following his exit from the Federal Executive Council, as seen by Nairametrics.
The former Minister also expressed gratitude to President Bola Tinubu for the opportunity to serve.
Edun’s departure comes amid a cabinet reshuffle that has reshaped key economic leadership roles within the administration.
What the former Minister is saying
Edun reflected on his time in government, noting that he was first appointed to lead the Presidential Transition Committee in May 2023 before serving as Special Adviser on Monetary Policy and later as Finance Minister.
He described his tenure as a period of significant economic reform and policy coordination.
- “I wish to thank His Excellency, President Bola Ahmed Tinubu, GCFR, for the opportunity to serve our country from the outset of his administration.”
- “It has been an honour to contribute to the implementation of the administration’s economic agenda at a pivotal moment in Nigeria’s journey.”
- He said the administration inherited a fragile economy but implemented reforms aimed at stabilising macroeconomic conditions and restoring investor confidence.
- Edun stated that Nigeria’s economic growth rose from about 2% to over 4 percent, while inflation declined from 35% to 15% during the period.
He added that these outcomes were driven by coordinated policy efforts across government and the private sector.
More Insights
Edun attributed the reported progress to fiscal reforms, improved coordination, and efforts to strengthen investor confidence in the economy. He also acknowledged contributions from cabinet members, state governments, and private sector stakeholders.
- He described the economic direction as one built on collaboration and policy alignment across institutions.
- He said the reforms were aimed at restoring public trust and enabling more inclusive growth.
- Edun noted that while challenges remain, the foundation for long-term stability has been established.
- He expressed optimism about Nigeria’s future economic trajectory despite ongoing structural pressures.
The former minister also reaffirmed his commitment to national service beyond government.
Backstory
Nairametrics reported that Tinubu had elevated Minister of State Taiwo Oyedele to the position of Minister of Finance and Coordinating Minister of the Economy, as his predecessor, Wale Edun, officially leaves the Federal Executive Council.
The Secretary to the Government of the Federation, George Akume, confirmed that Edun and Housing Minister Ahmed Musa Dangiwa have stepped down from the cabinet.
- The reshuffle is expected to focus on strengthening fiscal policy, tax administration, and economic coordination.
- The administration has implemented major reforms, including subsidy removal, exchange rate adjustments, and revenue mobilisation efforts.
As the new finance leadership takes over, attention is expected to shift toward sustaining reforms and translating macroeconomic gains into improved living standards for Nigerians.
What you should know
Oyedele is one of the central figures in Nigeria’s tax system under President Bola Tinubu.
In 2024, tax reform bills were introduced at the National Assembly to halt revenue collection by certain federal agencies, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigeria Customs Service (NCS).
Taiwo Oyedele said at the time that the reforms aimed to stop about 60 federal agencies from collecting taxes, allowing them to focus on their core mandates.
