Taiwo Oyedele has formally assumed office as Nigeria’s Minister of Finance and Coordinating Minister of the Economy, succeeding Wale Edun after a handover process completed on Thursday, April 23, according to a statement from the ministry.
The transition follows a directive by President Bola Tinubu and comes at a time when Africa’s largest economy continues to grapple with inflationary pressures, foreign exchange volatility, debt servicing costs and sluggish household purchasing power.
Oyedele, a tax and fiscal policy expert who previously chaired the Presidential Fiscal Policy and Tax Reforms Committee, now takes charge of coordinating the government’s economic management and fiscal policy direction.
According to the statement, the handover was completed “within the stipulated timeline” after Edun’s exit from office.
Edun served during a period marked by major policy changes, including subsidy removal, exchange-rate reforms and revenue mobilisation efforts. The ministry said his tenure saw “the advancement of key fiscal and economic reforms aimed at stabilising the macroeconomic environment and repositioning the economy for sustainable growth.”
It added that those efforts included measures to strengthen government revenues, improve fiscal coordination and support broader structural reforms under the administration’s economic programme.
In his first remarks after taking office, Oyedele praised his predecessor and pledged to build on existing reforms.
The statement said he “commended the outgoing minister for his service and contributions to the ongoing reform efforts in the economy.”
He also thanked President Tinubu “for the confidence reposed in him to serve in this capacity.”
Oyedele further “reaffirmed his readiness to work closely with the leadership and staff of the ministry in order to deliver concrete outcomes aligned with the government’s economic priorities,” according to the statement.
He added that there was a need “to build on existing reforms while focusing on measurable impact across key sectors of the economy.”
Senior civil servants at the ministry also welcomed the new minister. Permanent Secretary Raymond Omachi and Permanent Secretary (Special Duties) Mohammed Sanusi Danjuma pledged “the full support and loyalty of the management and staff of the ministry in advancing the minister’s mandates,” the statement said.
The appointment places Oyedele at the centre of Nigeria’s efforts to restore fiscal stability, improve tax administration and stimulate growth amid persistent economic headwinds.
Investors and businesses are expected to watch closely for signals on tax policy, public spending priorities, borrowing strategy and coordination between fiscal and monetary authorities.
The finance ministry said the handover “signals continuity in the ministry’s service delivery to the nation,” with continued emphasis on economic reforms, fiscal discipline and improved outcomes for Nigerians.
Oyedele’s immediate challenge will be translating reform plans into visible economic relief at a time many households and businesses are under pressure from rising costs.
