News Update

THE outgoing Minister of Finance and Coordinating Minister of the Economy, Wale Edun, will step down from office on Thursday, bringing an end to his tenure in the administration of Bola Ahmed Tinubu.

In a statement marking the end of his service, Edun expressed gratitude to President Tinubu for the opportunity to serve since May 2023.

He noted that his involvement in the administration began as head of the Presidential Transition Committee, after which he served as Special Adviser on Monetary Policy before he was appointed a minister.

Edun stated that the administration inherited significant economic challenges but had since implemented reforms aimed at stabilising the economy and driving long-term growth.

“We have worked collectively across government to advance critical reforms that stabilised the macroeconomic environment, strengthened fiscal sustainability, and laid the foundation for inclusive and long-term growth,” he said.

He pointed to improvements in key economic indicators, noting that economic growth rose from about two per cent to over four per cent during his tenure.

He also said inflation declined from 35 per cent to 15 per cent, attributing the development to coordinated policy measures and renewed investor confidence.

Edun credited the progress to joint efforts involving members of the Federal Executive Council, state governors, and partners in both the public and private sectors.

“I am proud of what we achieved alongside colleagues in government and our partners,” he said, adding that economic reform remains a continuous process.

While noting that more work lies ahead, the minister expressed confidence in Nigeria’s economic direction and wished his successor success.

He also reaffirmed his commitment to supporting national development beyond his time in office, describing his experience in government as both challenging and rewarding.

Since the removal of fuel subsidy, the prices of fuel and goods have gone up, further eroding the purchasing power of many Nigerians. President Tinubu has repeatedly stated that this needs to be done and Nigerians must go through the pain in order to enjoy in the future.