President Bola Ahmed Tinubu has appointed Taiwo Oyedele as the new Minister of Finance and Coordinating Minister of the Economy, following the exit of Wale Edun from the Federal Executive Council.
The development was confirmed in an official statement issued by the Office of the Secretary to the Government of the Federation, describing the move as part of a cabinet reshuffle aimed at strengthening policy coordination and accelerating economic delivery under the administration’s agenda.
Oyedele, who previously served as Minister of State for Finance, has been directed to take over immediately, with all handover processes expected to be concluded by April 23, 2026.
The statement also confirmed that the reshuffle extends beyond the finance ministry, with changes affecting other portfolios as part of efforts to improve governance efficiency and drive better outcomes across key sectors.
The Presidency said the decision reflects the President’s constitutional powers and is intended to enhance cohesion within the cabinet while delivering more impactful economic management.
Edun’s departure comes shortly after he marked his 70th birthday, bringing an end to his tenure as the administration’s chief economic manager.
Oyedele steps into the role as one of the central figures behind Nigeria’s recent tax reforms. As former chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, he played a key role in restructuring the country’s revenue framework.
The reforms introduced sweeping changes, including centralising tax collection under the Federal Inland Revenue Service—now renamed the Nigeria Revenue Service, and curbing the role of multiple agencies in revenue collection.
The new Finance Minister is expected to build on these reforms while navigating ongoing macroeconomic challenges, including inflation pressures, fiscal constraints, and the need to boost revenue generation.
The Presidency expressed appreciation to outgoing ministers for their service, noting that cabinet reinvigoration would remain an ongoing process as the administration seeks to strengthen economic governance.
