Tinubu Fires Finance Minister Amid Allegations of ₦1.15 Trillion Fund Mismanagement

President Bola Tinubu has made a significant cabinet reshuffle, removing Dr. Doris Uzoka-Anite as Minister of State for Finance and appointing Mr. Taiwo Oyedele as her replacement. The move follows intense scrutiny of the government’s financial management, particularly after Hon. Alex Mascot Ikwechegh exposed the unaccounted ₦1.15 trillion in capital funds approved for 2025, yet undisbursed.

The issue came to light during a heated budget defense session on February 25th, when Hon. Ikwechegh confronted the Minister of Finance, Wale Edun, about discrepancies in the disbursement of funds for critical capital projects across Nigeria. Despite billions of dollars in loans and record revenue collections from agencies like the FIRS and Customs, capital projects were reported to be at zero percent execution.

Hon. Ikwechegh pressed the government for answers, demanding to know why ₦1.15 trillion in approved funds for capital projects remained undistributed. When Minister Uzoka-Anite appeared before the Appropriation Committee, she confirmed the funds had been approved but failed to explain why disbursement had not occurred. Her inability to provide clear answers led many to suspect misappropriation of funds, with Hon. Ikwechegh suggesting legal action for potential mismanagement.

A week later, on March 3rd, the presidency announced the reshuffle, moving Uzoka-Anite to the Ministry of Budget and National Planning, while naming Taiwo Oyedele, an experienced economist and former PwC tax leader, as her successor. While the official statement did not reference the budget defense scandal directly, the timing of the reshuffle has left many to draw their own conclusions about the connection.

For many Nigerians, the reshuffle signals a rare instance of accountability, as the government responds to concerns raised by a lawmaker. However, the key question remains unresolved: What happened to the ₦1.15 trillion, and will there be further investigations into the potential misappropriation of funds? The reshuffle has not closed the book on this matter, and further scrutiny is expected as the nation watches closely.