President sacks coordinating minister of economy weeks after N1.15 trillion capital fund disbursement scandal, directs handover completion by April 23.
President Bola Ahmed Tinubu has removed Wale Edun as Minister of Finance and Coordinating Minister of the Economy in a cabinet reshuffle that signals a recalibration of Nigeria’s economic leadership, elevating Taiwo Oyedele, the architect of the administration’s tax reforms, to oversee Africa’s most populous economy.
The decision was confirmed in a memo issued Tuesday by the Office of the Secretary to the Government of the Federation and signed by George Akume, who also announced the removal of Ahmed Musa Dangiwa as Minister of Housing and Urban Development. According to the directive, Oyedele, who previously served as Minister of State for Finance and chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has been appointed to replace Edun, while Muttaqha Rabe Darma has been named minister-designate for Housing. The memo directed outgoing ministers to complete all handover processes on or before April 23.
Explaining the rationale, Akume stated that the 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.” The government described the reshuffle as minor, though Edun’s removal stands out as the most consequential change in the Federal Executive Council as Nigeria continues to grapple with inflationary pressures, currency weakness, and the social impact of sweeping fiscal adjustments.
The removal comes weeks after lawmakers called for Edun’s resignation following revelations that N1.15 trillion in approved capital funds showed zero disbursement to any capital project across Nigeria despite the country generating N28 trillion in revenue against a N25 trillion target. During a February 2026 budget defence hearing, Hon. Alex Mascot Ikwechegh questioned why the capital of the Nigerian government remained at zero in 2026, with the Ministry of Health disclosing it received only N38 million out of N286 billion allocated. When Edun attempted to shift responsibility to his Minister of State, Doris Uzoka-Anite, she confirmed the funds were approved but blamed pre-disbursement conditions, though she could not name a single ministry that met all conditions and was still denied funding.
Oyedele brings institutional knowledge as chairman of the tax reform committee that led the passage of four tax reform bills in May 2025, consolidating over 60 fragmented taxes into fewer than 10 streamlined statutes, with reforms taking effect from January 1, 2026. The committee targeted an increase in Nigeria’s tax-to-GDP ratio from approximately 10% to at least 18% within three years. Edun’s tenure was marked by the removal of fuel subsidies and foreign exchange liberalization, reforms that drew praise from investors but intensified cost-of-living pressures for many Nigerians.
The naira depreciated to N1,350.74 against the dollar on Tuesday from N1,349.67 on Monday, while external reserves fell to $48.54 billion from $48.61 billion on April 17. Some analysts described Edun’s removal as potentially “unfortunate” for the reform journey, with economic journalist Juliana Olayinka stating that removing “one of the few steady hands at the centre of reform sends the wrong signal” at a time when consistency, trust, and economic discipline are most needed.
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