President Tinubu has sacked Finance Minister and Coordinating Minister of Economy, Wale Edun, and has replaced him instantly with former Minister of State for Finance, Taiwo Oyedele, who was served as the Chairman of the Presidential Committee on Fiscal Policy.
The former minister has taken to his social media to thank the president for giving him the opportunity to serve the federation.
He wrote, “I wish to thank His Excellency, President Bola Ahmed Tinubu, GCFR for the opportunity to serve our country from the outset of his administration in May 2023; first as head of the Presidential Transition Committee, then in my role as Special Adviser on Monetary Policy, before my appointment as Honourable Minister of Finance and Coordinating Minister of the Economy.
“It has been an honour to contribute to the implementation of the administration’s economic agenda at a pivotal moment in Nigeria’s journey”, he added.
However, the sack of Wale Edun and the immediate installation of Taiwo Oyedele has raised eyebrows as the latter was only reassigned to head the ministry at the state level while there appeared to be no concern or speculations with Wale Edun who went on his normal official businesses.
ENigeria Newspaper findings, have however, revealed that there are five factors that might have contributed to the sack of the former minister. These reasons range from administrative issues, working conditions and the former minister’s personal issues too.
The top five (5) reasons why President Tinubu might have sacked former minister include ;
Contradictory reports on revenue target
President Tinubu declared in September of last year that the federal government had met its 2025 non-oil income goal by August. He said this while meeting with representatives of the now-defunct Congress for Progressive Change (CPC) and The Buhari Organization (TBO), which was headed by Senator Tanko Al-Makura, a former governor of Nasarawa State.
However, Wale Edun stated that the Federal Government lacked sufficient funds to appropriately fund its capital budget during a public hearing at the National Assembly late last year. The minister stated that in order to pay the ₦54.9 trillion “budget of restoration,” which was intended to stabilize the economy, ensure peace, and create prosperity, the federal government had estimated ₦40.8 trillion in income for 2025.
These two reports sounded and appeared contradictory and it probably was first of many factors responsible for a fallout.
Friction between ministry officials
Several sources at the Presidential Villa claim that the departure of Wale Edun was the result of protracted conflict within the ministry, especially between him and state ministers tasked with promoting budgetary cooperation.
According to a source, there was a lack of synergy and he didn’t get along with the state ministers working with him, which raised concerns at the highest level.
Coordination problems
Sources close to the Presidential Villa say that more general coordination issues within the ministry occasionally caused tension between economic entities and impeded execution, especially when they had to do with the former minister directly. They also claimed that growing pressure to expedite changes and stabilize budgetary management made it harder for the presidency to ignore the issue.
Presidency plan with Taiwo Oyedele
The presidency circles see Oyedele’s promotion as a calculated move to bolster the administration’s ambition for tax and fiscal reform. He has been instrumental in Tinubu’s economic team’s ongoing tax policy revisions.
According to further sources, the President had earlier thought about other candidates, such as Zacch Adedeji, the chairman of the Nigeria Revenue Service, before deciding on Oyedele because of his technical expertise and reform credentials, which were seen to make him a better match for the position.
According to one insider, the President feels more at ease with Oyedele because of his background and participation in ongoing changes.
Wale Edun health issues
There are reports that the former minister has underlying health issues that may deter him from performing tasks as Minister of Finance. Sources say that the sack is an opportunity to allow the minister to go take care of his health properly. This situation, according to a source, is personal and is not open to the public.
