Many Nigerians were caught off-guard yesterday evening by the news of Wale Edun’s removal as Nigeria’s Minister of Finance and Coordinating Minister of the Economy, A statement by the Secretary to the Government of the Federation, George Akume, said President Bola Tinubu approved the removal of Mr Edun alongside his counterpart, the Minister of Housing and Urban Development, Ahmed Dangiwa, in a minor cabinet reshuffle.
The president immediately elevated newcomer Minister of State for Finance, Taiwo Oyedele, to the position of Minister of Finance and Coordinating Minister of the Economy.
He also named Muttaqha Darma as Minister-designate for Housing and Urban Development.
Mr Edun was among those that formed the President Tinubu cabinate in August 2023 to oversee Nigeria’s fiscal policy and economic planning, resuming a working relationship that began in Lagos when Mr Edun served as commissioner for finance from 1999 to 2007, during Mr Tinubu’s governorship of the South-west state.
Accordingly, Edun was considered one of the president’s henchmen because of his strategic position in the administration owing to a two-decade relationship with the president in Lagos; insiders said there had been tension between the two for some time.
It was learnt that the tension stemmed from widespread complaints about low capital budget releases and slow budget planning by the administration, which has serially disrupted the country’s January-to-December budget cycle.
However, it is the poor release of funds for capital budgets that has drawn the fiercest criticisms, with the president said to be inundated with complaints by ministers and lawmakers.
In February, federal lawmakers accused Mr Edun of recording “zero implementation” of the 2025 capital budget despite the National Assembly approving a N1.15 trillion request to fund capital components.
The lawmakers cited widespread complaints from ministries, departments, and agencies (MDAs) about funding shortages and unpaid contractors.
Opposition lawmakers also threatened to seek the removal of Mr Edun and the Accountant-General of the Federation, citing a failure to deliver on promised capital releases.
In his own defence, Mr Edun explained that the government had stopped the “unsustainable” practice of “printing money” to pay contractors but was focusing on debt servicing instead.
He later assured that 80 per cent of the 2024 budget had been implemented and that 2025 capital releases were progressing toward a December 2025 completion target.
Insiders said the president intervened with the economic team on several occasions but was not satisfied with the responses from the minister.
Matters got to a head between the two when they had an altercation over the issue at a federal executive council meeting on 10 December, 2025.
The exchanges created such tension that the ADC to the president reportedly had to move over to Mr Edun to advise him against raising his voice at the president.
“From that point, it seemed that his (Mr Edun’s) goose was cooked,” said an official who witnessed the incident at the Council Chamber of the presidential villa.
Shortly after, the president devolved some of the minister’s responsibilities to the office of the Minister of State for Finance, then occupied by Doris Uzoka-Anite.
Insiders said from that point on, the president had begun considering options for the strategic portfolio.
Mr Edun made efforts to mend fences with his boss but found his access to the president increasingly restricted.
Another insider recalled that the minister recently flew to Lagos to pacify the president. Although Mr Tinubu reluctantly met him, the discussions held did not ease the tension between the two erstwhile allies.
The handwriting was very clear to Mr Edun that it was time he started packing his things when Mr Tinubu appointed Mr Oyedele as Minister of state in March.
Insiders said they instantly knew the curtain was slowly being drawn on Mr Edun’s time in the cabinet and that a long relationship was coming to an end.
