Taiwo Oyedele has officially assumed office as Nigeria’s Minister of Finance and Coordinating Minister of the Economy, following a formal handover by his predecessor, Wale Edun.

The transition, which took place on Thursday evening, was confirmed in a statement issued by the Ministry’s Head of Information and Public Relations, Efe Ovuakporie. The handover was completed within the timeline set by President Bola Ahmed Tinubu.

In his inaugural address, Oyedele pledged to build on existing economic reforms while focusing on delivering measurable outcomes across critical sectors of the economy. He emphasised the importance of fiscal discipline, transparency, and improved service delivery as key priorities of his administration.

The new minister also expressed readiness to collaborate closely with the ministry’s management and staff to strengthen policy implementation and drive economic stability.

Oyedele commended Edun for his role in advancing Nigeria’s reform agenda, acknowledging his contributions to fiscal restructuring and macroeconomic coordination. He also thanked President Tinubu for the confidence reposed in him.

Senior officials in the ministry, including Permanent Secretary Raymond Omachi and Permanent Secretary (Special Duties) Mohammed Danjuma, assured the minister of full institutional support in executing government policies.

During Edun’s tenure, the ministry implemented several fiscal reforms aimed at boosting revenue generation, improving inter-agency coordination, and supporting broader economic transformation. However, the period was also marked by challenges, including funding constraints affecting ministries, departments, and agencies, as well as unresolved financial obligations to pensioners and contractors.

The leadership transition comes at a critical time as the federal government seeks to stabilise the economy amid inflationary pressures, debt servicing concerns, and ongoing structural reforms.

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The Federal Government has dismissed claims that funds from the federation account are being diverted, insisting that deductions by the Federation Account Allocation Committee (FAAC) are legitimate and properly accounted for.

In a statement, the Minister of State for Finance, Taiwo Oyedele, said recent interpretations of the World Bank Nigeria Development Update were misleading.

According to him, some reports wrongly described FAAC deductions as “leakages” or hidden spending, contrary to the World Bank’s actual findings.

“The interpretations misrepresent the World Bank’s analysis and reflect a misunderstanding of Nigeria’s fiscal system,” the ministry stated.

The government explained that the deductions referenced in the report cover statutory transfers, savings, security expenditures, cost-of-collection charges, and refunds to Ministries, Departments and Agencies.

It stressed that these are legitimate fiscal obligations, including allocations to subnational governments, and should not be classified as missing funds.

The ministry also faulted what it described as selective reporting, noting that positive aspects of the World Bank report were largely ignored.

According to the government, the World Bank acknowledged that recent reforms would enhance transparency and increase revenue available to all tiers of government.

The ministry highlighted that new fiscal measures introduced in 2026, including an executive order to improve petroleum revenue remittance, are already addressing concerns around deductions.

It added that the reforms are expected to boost distributable revenue by about 0.4 per cent of GDP annually.

Beyond revenue concerns, the government said the report pointed to broader economic improvements, including declining inflation, stronger external reserves, and a current account surplus.

It also noted an improvement in Nigeria’s debt indicators, with a reduction in the debt-to-GDP ratio recorded for the first time in over a decade.

The Federal Government maintained that the World Bank’s overall conclusion was positive, emphasising that ongoing reforms are yielding results and should be sustained.

It reiterated its commitment to strengthening fiscal transparency, improving revenue mobilisation, and ensuring efficient public spending.

The ministry urged stakeholders and the media to interpret fiscal data responsibly to avoid undermining public confidence in ongoing economic reforms.

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The Federal Ministry of Finance has announced plans to take over development finance and quasi-fiscal responsibilities previously handled by the Central Bank of Nigeria (CBN), marking a major shift in how Nigeria funds priority sectors of the economy.

The move comes nearly two years after the CBN stepped back from directly financing development programmes, a decision that created funding gaps in long-term projects across infrastructure, energy, and other strategic sectors.

In a statement issued on Thursday, the Minister of State for Finance, Doris Uzoka-Anite, said the ministry would roll out a comprehensive framework to guide the implementation of a forward-looking development finance strategy.

She explained that Development Finance Institutions (DFIs) would play a central role in supporting Nigeria’s investment and growth agenda. According to Uzoka-Anite, Nigeria will require an estimated ₦246 trillion in long-term, patient capital through 2036 to meet its development ambitions.

“The Federal Government recognises DFIs as critical partners in de-risking priority sectors, building investor confidence, and mobilising private capital at scale,” she said.

Institutions such as the Bank of Industry (BOI) and the Nigerian Export-Import Bank (NEXIM) are expected to provide long-term funding, concessional financing, technical support, and risk-sharing mechanisms in sectors where private investors have been reluctant to commit funds despite strong fundamentals.

Key focus areas include infrastructure, energy transition, agribusiness value chains, healthcare, climate-resilient industries, and digital public infrastructure.

Uzoka-Anite outlined a four-point strategy to strengthen domestic DFIs. This includes improving their capital base and balance sheets to support larger and longer-tenor transactions, implementing governance reforms to ensure stronger oversight and performance-driven management, and enhancing their risk-sharing and credit enhancement capabilities.

The strategy also emphasises closer coordination with the Ministry of Finance, particularly in providing treasury support, sovereign guarantees, and policy-backed lending. In addition, the government plans to leverage domestic and international partnerships to accelerate capital mobilisation and reduce project execution timelines.

She added that Nigeria’s ongoing reforms, clearer policies, and improved execution discipline provide a solid foundation for DFIs to deploy capital effectively and deliver measurable impact.

The development follows the CBN’s withdrawal from direct development finance interventions. Shortly after assuming office, CBN Governor Olayemi Cardoso announced that the apex bank would discontinue funding development programmes. In December 2023, the CBN formally suspended new loans under its intervention schemes while focusing on recovering previously disbursed funds.

Uzoka-Anite reaffirmed the federal government’s commitment to supporting DFI-led initiatives aligned with national priorities, stressing the importance of policy consistency, institutional coordination, and effective implementation.

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…Minister to Undergo Overseas Treatment

President Bola Tinubu is reportedly considering appointing a replacement for the Minister of Finance, Mr. Wale Edun, following concerns over his deteriorating health.

Presidency sources said Edun, who has been battling undisclosed health challenges for weeks, is expected to travel abroad for medical treatment. His temporary absence has triggered consultations on who might oversee the ministry’s affairs in the meantime.

Appointed in August 2023, Edun has been central to Tinubu’s economic reform agenda, driving fiscal and monetary policy coordination and implementing measures to stabilise the naira and boost government revenue.

He oversaw key reforms such as expanding the Treasury Single Account (TSA), automating public revenue systems, and leading the Accelerated Fiscal Policy and Tax Reform Committee, which simplified Nigeria’s tax structure.

Edun also played a major role in subsidy removal, debt restructuring, and strengthening relations with international lenders, which improved fiscal stability and investor confidence.

While details of his illness remain private, officials confirmed the president’s support for his full recovery. “The president holds Mr. Edun in high regard. His health challenge is unfortunate, but governance must continue,” a senior aide said.

Analysts say his successor will inherit both the gains and challenges of ongoing reforms, including inflation management, revenue generation, and economic growth.

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Key Directives

• Clear Milestones and Timelines: The roadmap must outline strategic goals for maximizing asset value.
• Transparency and Accountability: MOFI must ensure open processes in asset valuation and management.
• Economic Growth Focus: Asset optimization must contribute to job creation and economic diversification.

Government’s Vision for Asset Management

Minister of State for Finance, Dr. Doris Uzoka-Anite, emphasized that effective asset management is critical for unlocking Nigeria’s economic potential.

“Countries like Australia, the UK, and Singapore have implemented robust asset management policies that integrate financial planning and strategic investments,” she stated.

MOFI’s Strategic Plan

Managing Director of MOFI, Dr. Armstrong Ume Takang, reaffirmed MOFI’s commitment to:

• Collaborating with Ministries, Departments, and Agencies (MDAs) to drive economic growth.
• Diversifying investments across industries and asset classes for resilience.
• Enhancing revenue generation through efficient asset utilization.

With transparency, accountability, and collaboration at its core, this initiative will play a pivotal role in boosting Nigeria’s economy, creating jobs, and ensuring long-term sustainability.

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In a statement issued on Monday by the Ministry’s Director of Information and Public Relations, Mohammed Manga, the initiative was described as a major milestone in the Ministry’s efforts to enhance integrity in its operations.

During the inauguration event in Abuja, the Permanent Secretary of the Ministry, Mrs. Lydia Jafiya, underscored the importance of the committee, describing it as a key instrument for fostering ethical conduct and good governance.

“The fight against corruption is a collective effort, and I urge all staff to support the committee’s activities,” Jafiya stated. She assured the committee of her unwavering support in achieving its mandate to promote transparency and adherence to the rule of law in the Ministry’s operations.

The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr. Musa Aliyu, commended the establishment of the committee, noting that the ACTU is a Federal Government-approved mechanism for curbing corruption within Ministries, Departments, and Agencies (MDAs). He emphasized that the initiative aligns with global best practices for institutional governance and effective financial management.

Aliyu praised Jafiya’s leadership and highlighted the committee’s role in ensuring that the Ministry of Finance manages the nation’s finances with efficiency and transparency, in line with Nigeria’s developmental goals.

In her address, the Ministry’s Director of Special Duties, Mrs. Egundebi Oluwayemisi, congratulated the newly inaugurated committee members and called on all staff to actively participate in the ACTU initiative to ensure its success.

The Chairman of the ACTU Committee, Abubakar Othman, reaffirmed the committee’s commitment to strengthening internal controls, raising awareness among staff, and cultivating a culture of integrity and accountability within the Ministry.

The ACTU Committee is a central component of the Ministry’s anti-corruption framework, tasked with preventing misconduct, fostering transparency, and promoting good governance across all operations.

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