December 19, (THEWILL) — In a significant transformation that could reshape the power dynamics within the upper echelons of the Nigerian executive, President Bola Tinubu has embarked on a strategic and discreet initiative that will drastically diminish the influence of the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.
According to a memo exclusively seen by THEWILL, the President has sanctioned the reassignment of several key responsibilities previously managed by the finance minister, to the Minister of State for Finance, Doris Uzoka-Anite.
This development, described by insider sources as unprecedented, is expected to limit the extensive powers of Mr Edun and may potentially lead to his eventual exit from the Tinubu cabinet after approximately 28 months in office.
THEWILL checks show that the memo issued by the Presidency outlines the responsibilities being transferred to the junior minister’s office to include Internal Revenue Generation, Distribution and Sharing amongst the states of the federation, Nigeria Customs Service, Development Finance, Domestic Finance, Debt Management, and Revenue Sharing amongst others.
THEWILL reports that the President’s directive is coming weeks after Mr Edun was admitted and treated in a hospital, following a significant health issue that required him to seek further treatment abroad.
The rise of the currently lesser-known Minister of State for Finance, Uzoka-Anite, taking on these major functions would significantly alter the power dynamics within one of Nigeria’s most crucial ministries, which is regarded as central to executive influence.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
