Nigeria Replaces Finance Minister Who Previously Worked For World Bank
By Semafor Africa Photos: Facebook|Wikimedia Commons Nigerian President Bola Tinubu replaced his finance minister, the architect of a radical economic policy overhaul, less than a year before elections. Wale Edun, [above top] a former World Bank official and investment banker, was replaced by Taiwo Oyedele, [shown here] a junior finance minister who oversaw a revamp of the country’s tax system, in a surprise move that marks 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. In one of his final acts as finance minister last week, Edun ruled out a borrowing program from the International Monetary Fund. Officials close to the presidency told Semafor his 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. — Alexander Onukwue
Black News 
By Semafor Africa
Photos: Facebook|Wikimedia Commons
Nigerian President Bola Tinubu replaced his finance minister, the architect of a radical economic policy overhaul, less than a year before elections.
Wale Edun, [above top] a former World Bank official and investment banker, was replaced by Taiwo Oyedele, [shown here] a junior finance minister who oversaw a revamp of the country’s tax system, in a surprise move that marks 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.
In one of his final acts as finance minister last week, Edun ruled out a borrowing program from the International Monetary Fund. Officials close to the presidency told Semafor his 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.
