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Wale Edun, a former World Bank official and investment banker, was replaced by Taiwo Oyedele, a junior finance minister who oversaw a revamp of the country’s tax system, in Tinubu’s most high-profile cabinet reshuffle since taking office three years ago. It was not immediately clear, however, if the move marked a change of direction at the finance ministry.
Edun’s tenure has been marked by an aggressive push to overhaul sub-Saharan Africa’s second-largest economy after two recessions within a decade, leading to an uptick in foreign direct investment inflows. However, Nigeria’s debt burden has shot up thanks to increased government spending.
Officials close to the presidency told Semafor that Edun’s departure had no relation to his performance and had been brewing due to a personal issue, but did not elaborate.
Tinubu is set to seek a second term in a presidential election to be held next January.
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