President Bola Ahmed Tinubu has approved a cabinet reshuffle that will see the exit of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Minister of Housing and Urban Development, Ahmed Musa Dangiwa.
According to a memo issued by the Office of the Secretary to the Government of the Federation (SGF) and signed by George Akume, the affected ministers have been directed to hand over their responsibilities as part of efforts to reposition the administration’s economic team.
Edun is to be succeeded by Taiwo Oyedele, who has been elevated to the role of Minister of Finance after previously serving as Minister of State in the same ministry.
In the housing sector, Muttaqha Rabe Darma has been nominated as Minister-designate for Housing and Urban Development, with Dangiwa instructed to hand over to the Minister of State pending confirmation.
The directive requires that all transition processes be concluded by the close of business the following day.
Akume said the changes were aimed at strengthening coordination within government and enhancing the delivery of economic reforms under the administration’s Renewed Hope Agenda. He added that the President exercised his constitutional authority in making the appointments.
The President also expressed appreciation to the outgoing ministers for their service, wishing them success in their future endeavours, while indicating that further adjustments to the cabinet could follow.
Edun’s departure had been anticipated in policy circles amid reports of differences over the pace and direction of economic reforms. Since his appointment in August 2023, he played a central role in implementing key fiscal measures, including the removal of petrol subsidy, exchange rate unification and tax reforms.
During his tenure, Nigeria recorded moderate economic growth, with improvements in key sectors such as services, agriculture and finance. Gains in crude oil production and foreign exchange management also contributed to rising external reserves and gradual investor confidence.
However, the reforms were accompanied by significant economic strain, with rising inflation driving up the cost of living and impacting households and businesses. Critics argued that government interventions, including social support measures, were insufficient to cushion the effects.
Analysts say the appointment of Oyedele signals a potential shift toward balancing macroeconomic stability with policies aimed at easing pressure on citizens.
Meanwhile, shareholder groups, including the New Dimension Shareholders Association of Nigeria, have welcomed Oyedele’s appointment, expressing optimism about his experience and potential to strengthen investor confidence.
The association’s leadership urged the new minister to prioritise policies that enhance transparency, support market stability and encourage both domestic and foreign investment.
Similarly, the Progressive Shareholders Association of Nigeria called for regulatory consistency and a review of tax policies to reduce pressure on businesses and individuals, warning that excessive taxation could weaken economic recovery.
In separate reactions, Edun expressed gratitude to President Tinubu for the opportunity to serve, describing his tenure as a privilege during a critical period of economic transition. He highlighted improvements in economic growth, inflation management and fiscal coordination as key achievements.
Dangiwa also thanked the President for the opportunity to lead reforms in the housing sector, citing progress in affordable housing initiatives, public-private partnerships and land administration reforms.
Both outgoing ministers pledged support for the administration and expressed confidence that their successors would build on the progress made.
The reshuffle comes as the government faces mounting pressure to sustain economic reforms while addressing the rising cost of living and improving welfare for Nigerians.
