Taiwo Oyedele Assumes Role as Minister of State for Finance, Vows to Drive Economic Reforms
In a significant development at the Presidential Villa in Abuja, Taiwo Oyedele was formally sworn in as the new Minister of State for Finance by President Bola Tinubu. The ceremony, held yesterday, marks a pivotal moment in Nigeria's ongoing economic reform efforts, with Oyedele pledging to prioritise revenue mobilisation, spending efficiency, and fiscal sustainability.
Following the oath of office, Oyedele addressed State House correspondents, expressing his gratitude for the appointment and emphasising the critical nature of this juncture in Nigeria's economic trajectory. He stated, "The reward for doing a good job is more work. It is always a privilege to serve the country, especially at the highest level, and even more fascinating at this critical time." He highlighted that his role represents a shift from policy design to execution, underscoring the importance of diligent implementation of fiscal reforms.
Focus on Revenue Mobilisation and Spending Efficiency
Outlining his key priorities, Oyedele stressed that the Ministry of Finance will concentrate on strengthening government revenue generation to meet increasing public demands. He explained, "There is the issue of revenue mobilisation, so that the government can have enough revenue to meet the increasing demand on the treasury." Additionally, he emphasised improving spending efficiency, questioning how to optimise the value derived from every naira earned to better serve the Nigerian people.
Oyedele brings over two decades of expertise in fiscal policy and taxation to his new position. Prior to this appointment, he chaired the Presidential Committee on Fiscal Policy and Tax Reforms and spent 22 years at PricewaterhouseCoopers, where he served as Fiscal Policy Partner and Africa Tax Leader. His academic background includes a Higher National Diploma in Accountancy and Finance from Yaba College of Technology, a B.Sc in Applied Accounting from Oxford Brookes University, and executive education at institutions like the London School of Economics and Harvard Kennedy School.
Bagudu Reaffirms Commitment to $1 Trillion Economy Goal
In related news, the Minister of Budget and Economic Planning, Abubakar Bagudu, reaffirmed the Federal Government's ambitious target of growing Nigeria's economy to $1 trillion by 2030. He emphasised the importance of strong policy coordination and strategic planning in achieving this goal. Bagudu stated that the administration plans to achieve this by growing the economy at seven per cent annually, with the forthcoming National Development Plan (2026–2030) guiding economic reforms and investment priorities.
Bagudu also welcomed Dr Doris Uzoka-Anite, who has been redeployed to the Ministry of Budget and National Planning as part of a cabinet reshuffle. He highlighted the ministry's role as the official planning authority, responsible for preparing national development plans, harmonising fiscal and economic policies, and coordinating initiatives across federal, state, and local levels.
Presidency officials have expressed confidence that Oyedele's appointment will bolster the administration's fiscal reform drive, aiming to enhance revenue generation, improve public spending efficiency, and stabilise Nigeria's economic outlook. As the country navigates these reforms, the focus remains on execution and tangible outcomes for sustainable growth.
