…Minister To Be Flown Abroad For Treatment
President Bola Tinubu is considering appointing a new Minister of Finance and Coordinating Minister for the Economy, following the deteriorating health condition of Mr Wale Edun, who has been a key figure in the administration’s economic management team since August 2023, NEWSNGRcan authoritatively report.
NEWSNGR gathered from reliable sources in the presidency that Edun, who has been battling undisclosed health challenges for several weeks, is expected to be flown abroad for advanced medical treatment.
His temporary exit, according to government insiders, has prompted consultations on a possible replacement to ensure continuity in economic policy implementation.
Edun, a seasoned economist, banker, and former Lagos State Commissioner for Finance, has been widely credited with steering Nigeria’s fragile economy through some of its most challenging moments since Tinubu assumed office.
Edun’s appointment as Finance Minister and Coordinating Minister for the Economy on August 21, 2023, was one of the earliest signals of President Tinubu’s intent to assemble a reform-driven cabinet.
A long-time ally and financial adviser to the president, Edun was tasked with restoring fiscal discipline, stabilising the exchange rate, and attracting investment into critical sectors of the economy.
Under his stewardship, the Ministry of Finance initiated several bold reforms aimed at repositioning the economy for sustainable growth.
Chief among these was the coordination of the federal government’s fiscal and monetary policy alignment with the Central Bank of Nigeria (CBN), which helped stabilise the naira after months of volatility.
Edun also oversaw the introduction of new fiscal transparency measures, including the automation of public revenue collection systems and the expansion of the Treasury Single Account (TSA) framework to block leakages.
These initiatives boosted government revenue and improved fiscal accountability across Ministries, Departments, and Agencies (MDAs).
Among Edun’s major achievements was the formulation and implementation of the Accelerated Fiscal Policy and Tax Reform Committee, which produced policy recommendations that simplified Nigeria’s complex tax system, enhanced ease of doing business, and improved compliance.
He was also instrumental in the federal government’s decision to remove fuel subsidies and redirect savings into productive investments, such as infrastructure, agriculture, and social welfare programmes.
Though controversial, the move was seen by international partners and local economists as a necessary step toward fiscal sustainability.
Another key milestone during his tenure was the debt restructuring framework, which focused on reducing the cost of debt servicing through innovative instruments and negotiations with multilateral lenders. This helped free up resources for critical development projects.
The minister further championed Nigeria’s re-engagement with global development finance institutions, leading to renewed support from the World Bank, the African Development Bank (AfDB), and other international partners for infrastructure financing, climate transition funding, and youth empowerment programmes.
Edun’s leadership also saw the successful introduction of the Economic Stabilisation and Growth Plan (ESGP) — a blueprint for boosting domestic production, attracting foreign direct investment, and promoting job creation.
His commitment to macroeconomic stability helped restore investor confidence and strengthen Nigeria’s position as Africa’s largest economy.
Notably, his coordination with the Central Bank under the leadership of Yemi Cardoso yielded improved synergy in monetary and fiscal policy direction, easing inflationary pressures and helping to stabilise the financial markets.
While Edun’s illness has not been officially disclosed, government sources say the minister’s doctors have advised immediate overseas treatment, prompting the presidency to make interim arrangements to keep the ministry functioning efficiently.
“The president holds Edun in very high regard. His health challenge is unfortunate, but the government must continue to function. The priority now is his full recovery,” a senior official told NEWSNGR.
It is not yet clear who President Tinubu will appoint to fill the vital position, but analysts suggest the new minister will inherit both the gains and challenges of Edun’s reform agenda, including sustaining the fiscal consolidation process, managing inflation, and driving inclusive growth.
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