President Bola Ahmed Tinubu has finally removed Mr Wale Edun as Minister of Finance and Coordinating Minister of the Economy.
This was announced on Tuesday through a memo signed by the Secretary to the Government of the Federation, Senator George Akume.
The memo titled minor cabinet reshuffle, noted that two cabinet members, Mr. Wale Edun and Arc. Ahmed Musa Dangiwa are to leave the cabinet while their replacements have been named.
Edun, until the latest development, was the Minister of Finance and Coordinating Minister for the Economy.
His travail started in December last year during the budget defense at the National Assembly where he publicly said that the country was unable to meet its revenue target for the year, as it generated only N10.7 trillion out of a projected revenue of N40.8 trillion, leaving a shortfall of over N30 trillion. He also added that the federal government had to borrow about N14.1 trillion to bridge the gap. The shortfall was largely due to weak oil/gas revenues, lower Petroleum Profit Tax and Company Income Tax from oil companies, plus underperformance in non-oil subheads.
This revelation ran contrary to the position of the President who had earlier in September boasted that the country had met its revenue target.
According to the President, “Today, I can stand here before you to brag: Nigeria is not borrowing. We have met our revenue target for the year and we met it in August.”
It was that discrepancy that pitched him against the president who instantly striped him of his powers as Finance Minister and transferred same to the then minister of state, Mrs. Doris Uzoka-Anite.
The redeployment of Uzoka-Anite to the Ministry of Budget and Economic Planning was to pave the way for the appointment of someone perceived competent enough to take over from Edun.
Meanwhile, he has been directed to hand over to Mr. Taiwo Oyedele who is now to take over as Minister of Finance and Coordinating Minister of the Economy. Oyedele was formerly a Minister of State in the ministry.
Also Mr. Muttaqha Rabe Darma (PhD .) has been named as the ministerial nominee and minister designate for the Housing and Urban Development Ministry.
The memo also directed Dangiwa to hand over to the Minister of State in the ministry.
The memo stated that “all handing over and taking over processes should be completed on or before close of business on Thursday 23rd April, 2026.”
Explaining the President’s decision, Akume said: “These changes are aimed at strengthening cohesion, synergy in governance as well as achieving more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda.”
He said the President, in approving the cabinet reshuffle, has fully exercised his powers as conferred on him by Sections 147 and 148 of the Constitution of the Federal Republic of Nigeria (1999, as amended).
The President thanked the outgoing ministers for their services to the nation while wishing them the best in all their future endeavours.
The President, Akume noted, equally assured all cabinet members that “the process of reinvigoration shall be continuous.”