MARKET NEWS

• Edun, Dangiwa exit as Oyedele, Darma step in 

• Reshuffle targets cohesion, delivery under Renewed Hope Agenda 

• Handover deadline set for tomorrow 

• Edun leaves mixed legacy of reforms, rising hardship 

• Shareholders back Oyedele, seek investor-friendly reforms 

• Experts warn over tax burden, call for policy stability 

• Outgoing ministers express gratitude, pledge continued support

President Bola Tinubu has reset his economic team with a cabinet reshuffle that replaces the finance and housing ministers, as pressure mounts on the administration to balance ongoing reforms with measures that ease the cost-of-living strain on Nigerians.

According to a memo issued by the Office of the Secretary to the Government of the Federation (SGF) and signed by George Akume, Mr Wale Edun and Mr Ahmed Musa Dangiwa are to step down from the cabinet.

Edun, who served as Minister of Finance and Coordinating Minister of the Economy, has been directed to hand over to Mr Taiwo Oyedele, who has been elevated to assume the position. Oyedele previously served as Minister of State in the same ministry.

In a related development, Mr Muttaqha Rabe Darma has been named ministerial nominee and Minister-designate for Housing and Urban Development. The memo also directed Dangiwa to hand over to the Minister of State in the ministry.

It stated that all handover processes must be concluded on or before the close of business tomorrow.

Akume said the reshuffle is intended to strengthen cohesion and synergy in governance, and to enhance the delivery of economic benefits under the administration’s Renewed Hope Agenda. He added that the President exercised his constitutional powers under Sections 147 and 148 of the 1999 Constitution (as amended) in effecting the changes.

The President expressed appreciation to the outgoing ministers for their service and wished them success in their future endeavours.

A statement by Mr Yomi Odunuga, Special Adviser, Media and Publicity to the SGF, quoted Akume as saying efforts to reinvigorate the cabinet would remain ongoing.

Edun exits with mixed record as reforms drive gains, hardship THE exit of Wale Edun had been anticipated within government circles, following indications late last year of possible changes amid reported differences over the direction and pace of economic policy.

Appointed in August 2023, Edun played a central role in the administration’s economic reset, coordinating fiscal policy and aligning it with monetary measures under the Central Bank of Nigeria, led by Governor Olayemi Cardoso.

His tenure featured sweeping reforms, including the removal of petrol subsidy, unification of multiple exchange rates and efforts to restructure the tax system. These measures dismantled longstanding distortions while placing pressure on households and businesses.

Macroeconomic indicators showed some improvement during the period. Gross domestic product growth rose to about 3.87 per cent in 2025 from 3.38 per cent in 2024, with gains recorded across services, agriculture and finance. Recovery in oil output and foreign exchange adjustments supported fiscal revenues and external reserves, while investor confidence improved gradually.

Edun also pursued fiscal discipline and revenue reforms, expanding the Treasury Single Account and tightening controls across government agencies. Capital expenditure exceeded N11 trillion in 2024, representing about 84 per cent performance, according to official figures.

The reforms carried high social costs. Subsidy removal and exchange rate adjustments drove inflation higher, increasing food and transport prices and reducing household purchasing power. The period became associated with a severe cost-of-living crisis. Inflation rose sharply during the period, before easing to below 15 per cent prior to the outbreak of the Middle East war.

Government interventions, including cash transfers, drew criticism over timing and coverage, with labour unions and civil society groups raising concerns about the pace of reforms and the strength of social safety nets.

Edun maintained that the policies were necessary to stabilise the economy and support long-term growth, stating that higher debt service costs reflected exchange rate adjustments and improved transparency.

His departure signals a potential shift in economic management. Analysts say his successor faces the task of sustaining macroeconomic gains while easing pressure on households.

Edun leaves office with a record defined by structural reforms and stabilising indicators, alongside intensified economic strain during the transition.

Shareholders back Oyedele’s appointment, urge investor-friendly policies MEANWHILE, shareholders under the aegis of the New Dimension Shareholders Association of Nigeria have described the appointment of Mr Taiwo Oyedele as Minister of Finance as a positive and strategic move, citing his prior involvement in the government’s economic team.

The association’s president, Patrick Ajudua, said the new minister’s experience positions him to understand the sector’s complexities. He expressed optimism that Oyedele would build on existing policy frameworks while strengthening engagement with market participants to support inclusive decision-making and investor confidence.

Ajudua highlighted the importance of sustained consultation across the capital market ecosystem, stating that policy misalignment can weaken recent gains. He referred to past investor concerns over measures such as the proposed capital gains tax and the reintroduction of withholding tax on stock transactions, which affected market sentiment.

He called for careful policy calibration and proactive dialogue, urging the minister to prioritise reforms that strengthen market stability, improve transparency and attract both domestic and foreign investment. While noting current gains in the market, he said sustaining progress requires deliberate implementation of investor-focused policies.

Also commenting, the president of the Progressive Shareholders Association of Nigeria, Boniface Okezie, said regulatory consistency and transparency in decision-making remain central to sustaining the market’s recovery. He added that investors respond quickly to fiscal measures that affect returns.

Okezie urged the minister to prioritise policies that ease economic pressure, particularly in taxation. He said the current tax environment places significant strain on individuals and businesses, with implications for economic activity and welfare.

He called for a review of tax reforms to allow citizens and enterprises adequate room to recover and remain productive, adding that revenue generation should reflect prevailing economic realities. He warned that excessive taxation can weaken economic resilience and reduce compliance.

Okezie urged the minister to recalibrate fiscal policies to support growth, encourage investment and reduce pressure on households while meeting government revenue targets.

Edun thanks Tinubu, cites economic gains THE outgoing Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has expressed appreciation to President Bola Ahmed Tinubu for the opportunity to serve, highlighting key economic reforms and outcomes recorded during his tenure.

In a statement issued in Abuja, Edun said he served in multiple capacities from the outset of the administration in May 2023, including as head of the Presidential Transition Committee and Special Adviser on Monetary Policy, before he was appointed minister. He described his role as an honour at a critical period in Nigeria’s economic trajectory.

“I wish to thank His Excellency, President Bola Ahmed Tinubu, for the opportunity to serve our country… It has been an honour to contribute to the implementation of the administration’s economic agenda at a pivotal moment in Nigeria’s journey,” he said.

Edun stated that the administration implemented reforms aimed at stabilising the macroeconomic environment, strengthening fiscal sustainability and supporting long-term growth.

“Mr President assumed office with our country facing difficult economic circumstances. Under his leadership, 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 noted that economic growth improved from about 2 per cent to over 4 per cent, while inflation declined from 35 per cent to 15 per cent, attributing the outcomes to improved coordination and increased investor confidence.

“I am proud of what we achieved alongside colleagues in the Federal Executive Council, State Governors, our partners in the public and private sectors, and the many dedicated professionals whose work continues to support the nation’s economic transformation,” he added.

Edun said the reform process remains ongoing and expressed optimism about Nigeria’s economic direction, while wishing his successor success in continuing efforts to improve living standards.

“I remain optimistic about Nigeria’s trajectory. I wish my successor and the entire government the very best as they continue the work of improving the lives of Nigerians,” he said.

He reaffirmed his commitment to national service and support for the administration.

Dangiwa thanks Tinubu, pledges support THE outgoing Minister of Housing and Urban Development, Ahmed Musa Dangiwa, has expressed gratitude to President Bola Ahmed Tinubu for the opportunity to serve in the Federal Executive Council and contribute to the Renewed Hope Agenda.

Reacting to the recent cabinet reshuffle approved by the President, Dangiwa described his time in office as a privilege and a call to national service, stating that he remains honoured to have led reforms in Nigeria’s housing and urban development sector.

“I wish to sincerely thank Mr President for the confidence he reposed in me to serve as Honourable Minister of Housing and Urban Development. It has been a rare privilege to contribute to the advancement of policies and programmes aimed at expanding access to affordable housing for Nigerians,” he said.

The outgoing minister stated that under Tinubu’s leadership, the ministry advanced efforts to position the housing sector as a driver of economic growth, job creation and social inclusion. He cited the rollout of the Renewed Hope Housing Programme, stronger public-private partnerships in housing delivery, and reforms in land administration and housing finance among key milestones during his tenure.

Dangiwa also acknowledged the support of members of the Federal Executive Council, colleagues in government, heads of housing institutions, development partners and ministry staff.

“I am grateful to my colleagues in the Federal Executive Council, stakeholders across the housing value chain, and the dedicated staff of the Ministry and its agencies for their commitment and hard work. Together, we laid strong foundations for a more structured and sustainable housing delivery system in Nigeria,” he added.

He stated that he would ensure a smooth and orderly transition in line with the President’s directive, and reaffirmed his commitment to the continued success of the ministry and the broader objectives of the Renewed Hope Agenda.

Dangiwa extended his best wishes to the incoming leadership, expressing confidence that the ministry will build on existing progress and accelerate delivery in the sector. He added that he remains committed to supporting efforts that advance housing, infrastructure and economic growth in Nigeria.