Tinubu sacks finance minister, appoints tax expert

Nigeria’s President Bola Tinubu has sacked his finance minister and replaced him with a tax expert.

Wale Edun, 70, who served as finance commissioner during Tinubu’s first term as Lagos governor between 1999 and 2004, was replaced by Taiwo Oyedele, 50, a former PricewaterhouseCoopers tax expert.

A statement from the secretary to the Nigerian government announcing Edun’s removal gave no reason for the decision.

Edun has been ordered to hand over office functions by April 23. “All handing over and taking over processes should be completed on or before close of business on Thursday,” the statement said.

Oyedele, who only resumed as junior finance minister on March 16, played a central role in the administration’s tax overhaul, which took effect at the start of the year.

Edun championed several reforms in the Tinubu administration, including the decision that all revenues from petroleum operations be paid directly into the federation account to prevent leakages. The decision barred the state-owned Nigerian National Petroleum Company Limited from making deductions from oil proceeds.

Edun has also been vocal about the perils of high interest rates in developing economies, saying it could hurt economic reforms.

SOURCE: AFP