Tinubu Reshuffles Economic Team Amid Pressure Over Cost of Living

President Bola Tinubu has carried out a major reshuffle of his economic team, replacing the Ministers of Finance and Housing as pressure mounts on the government to balance economic reforms with relief for Nigerians facing rising living costs.

According to a statement from the Office of the Secretary to the Government of the Federation (SGF), signed by George Akume, Mr. Wale Edun and Mr. Ahmed Musa Dangiwa have been directed to step down from their positions.

Edun, who served as Minister of Finance and Coordinating Minister of the Economy, will hand over to Mr. Taiwo Oyedele, who has now been elevated to take over the role. Oyedele previously served as Minister of State in the same ministry.

In the housing sector, Mr. Muttaqha Rabe Darma has been named Minister-designate for Housing and Urban Development, with Dangiwa instructed to hand over to the Minister of State. All handover processes are to be completed by the close of business tomorrow.

Akume said the reshuffle is aimed at strengthening coordination within the cabinet and improving delivery under the administration’s Renewed Hope Agenda. He added that the President acted within his constitutional powers and appreciated the outgoing ministers for their service.

Edun Leaves Mixed Legacy

Wale Edun’s exit had been anticipated following reported differences within government over the direction of economic policy. Since his appointment in August 2023, he played a key role in implementing major reforms, including the removal of fuel subsidy and the unification of exchange rates.

These policies helped improve some macroeconomic indicators. Nigeria’s GDP growth rose to about 3.87 percent in 2025, while government revenue and foreign reserves improved. Investor confidence also showed gradual recovery.

However, the reforms came with significant hardship. Inflation surged, increasing the cost of food and transportation and reducing purchasing power. Although government interventions such as cash transfers were introduced, many criticised their timing and effectiveness.

Edun maintained that the reforms were necessary for long-term economic stability, despite their short-term impact on citizens.

Support for Oyedele, Calls for Balanced Policies

Stakeholders in the capital market have welcomed Taiwo Oyedele’s appointment, describing it as a strategic move. The New Dimension Shareholders Association said his experience within the system positions him well to handle the complexities of the role.

They urged him to adopt investor-friendly policies, maintain transparency, and ensure consistent engagement with stakeholders. Concerns were also raised about tax policies, with calls for careful reforms to avoid placing excessive burdens on businesses and individuals.

Similarly, the Progressive Shareholders Association emphasised the need for policy stability and warned that high taxation could weaken economic activity and reduce compliance.

Outgoing Ministers Express Gratitude

In his reaction, Edun thanked President Tinubu for the opportunity to serve, highlighting reforms aimed at stabilising the economy and promoting long-term growth. He noted improvements in economic growth and a decline in inflation, expressing optimism about Nigeria’s economic future.

He reaffirmed his commitment to national service and wished his successor success.

Also, Ahmed Musa Dangiwa expressed appreciation to the President for the chance to lead reforms in the housing sector. He cited achievements such as the Renewed Hope Housing Programme, strengthened partnerships, and efforts to expand access to affordable housing.

Dangiwa pledged continued support for the administration and assured a smooth transition, expressing confidence that the incoming leadership would build on existing progress.

The reshuffle signals a shift in the administration’s economic strategy, with expectations that the new team will sustain reforms while easing the burden on Nigerians.