President Bola Tinubu removed Wale Edun as minister of finance and coordinating minister of the economy on Tuesday, a day after he turned 70, following months of tension over budget performance, capital releases and loss of confidence, according to reports by Premium Times and TheCable.
Edun, who was born on April 20, 1956, marked his 70th birthday on Monday before his removal was announced the next day as part of a cabinet reshuffle that also affected the housing ministry.
In a statement, secretary to the government of the federation George Akume said Tinubu approved the changes and named Taiwo Oyedele as the new finance minister.
Premium Times reported that Edun’s removal followed complaints about slow budget planning and poor release of funds for capital projects, which disrupted the government’s January to December budget cycle.
Lawmakers had earlier accused the ministry of recording “zero implementation” of the 2025 capital budget, citing funding shortages and unpaid contractors across ministries, departments and agencies.
Edun defended his record, saying the government had stopped the “unsustainable” practice of “printing money” and was focusing on debt servicing, but insiders said the president was not satisfied with the explanations.
Tension between Tinubu and Edun reportedly escalated during a federal executive council meeting in December 2025, where both men had a heated exchange over the issue, according to Premium Times.
After the meeting, some of Edun’s responsibilities were moved to the minister of state for finance, reducing his influence within the administration.
TheCable reported that Tinubu had earlier asked Edun to leave in October 2025, but he remained in office after lobbying to stay.
“The president asked Edun to leave honourably in October last year but he lobbied to keep his position,” an insider told TheCable. “Although he stayed back, the president told his aides: ‘As far as I am concerned, I have done send-off for Wale already.’ But for some reason, Edun managed to hang on.”
The report said Edun gradually lost control over key areas such as revenue generation, revenue distribution and domestic debt management.
His position weakened further amid complaints from ministries and contractors over unpaid project funds, as well as pressure from lawmakers.
According to TheCable, the final trigger for his removal was his failure to release funds for major projects including the Lagos-Calabar coastal road and the Sokoto-Badagry highway.
Insiders also said Edun’s public comments on revenue projections, which appeared to contradict the president, worsened the situation.
“The president was unhappy that Edun publicly contradicted him,” another insider told TheCable.
Edun was appointed by Tinubu in August 2023, continuing a long relationship that began when he served as Lagos commissioner for finance during Tinubu’s tenure as governor.
