Fresh details have emerged on the circumstances that led to the removal of Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, from the cabinet of President Bola Ahmed Tinubu.
Insiders familiar with developments at the Presidential Villa said the dismissal, which occurred shortly after Edun marked his 70th birthday on April 20, had been anticipated for months.
According to sources, the president had earlier advised Edun to step down honourably in October 2025, but the minister reportedly lobbied to remain in office.
Officials disclosed that following the October directive, several key responsibilities were reassigned from Edun to the Minister of State for Finance, Doris Uzoka-Anite, including revenue generation, revenue distribution and domestic debt management.
This development meant Edun no longer chaired meetings of the Federation Account Allocation Committee (FAAC), a role central to the finance ministry’s operations.
Further restructuring saw the appointment of tax expert Taiwo Oyedele as a junior minister, while Uzoka-Anite was redeployed to the Ministry of Budget and Economic Planning.
Funding Disputes Linked to Exit
Sources indicated that Edun’s reluctance to release funds for major infrastructure projects was a major factor in the decision to remove him.
Among the projects affected were the Lagos-Calabar Coastal Road and the Sokoto-Badagry Super Highway, both being executed by construction firm Hitech Construction Nigeria Limited, owned by the family of businessman Gilbert Chagoury, known to be close to the president.
Insiders noted that Edun consistently maintained that government revenue was insufficient to fund capital projects after meeting critical obligations such as debt servicing, salaries and pensions.
The prioritisation of recurrent expenses reportedly led to complaints from federal ministries, departments and agencies (MDAs) over delayed funding for capital projects.
Contractors also protested over unpaid debts, with some staging demonstrations in Abuja and threatening legal action against the finance ministry.
Policy Disagreements and Political Tension
The situation was further complicated by disagreements over revenue projections.
During discussions on the 2026–2028 Medium-Term Expenditure Framework (MTEF), Edun reportedly told lawmakers that the federal government’s projected revenue of N40.8 trillion for 2025 was unlikely to be met, estimating an actual performance of about N10.7 trillion.
Sources said this assessment contradicted earlier statements by President Tinubu that revenue targets had been met ahead of schedule.
Another point of tension reportedly arose during a cabinet meeting where Edun was said to have openly challenged the president, a move insiders described as damaging to his standing within the administration.
Background to Removal
Edun previously served as Commissioner for Finance in Lagos State between 1999 and 2004 during Tinubu’s tenure as governor.
Reports of his health status also surfaced last year when he was declared indisposed and excused from attending the International Monetary Fund (IMF) and World Bank meetings, although he later appeared at public events abroad.
