Wale Edun, Nigeria's immediate past finance minister, resigned on Tuesday after a tenure marked by bold economic reforms and significant challenges. The economy grew from 2.5% to 4.1% under his watch, and inflation fell from 35% to 15%. However, his policies also fuelled a cost-of-living crisis and worsened poverty levels. Here are the key upsides and downsides of his stewardship.
Key Achievements:
- GDP growth - The economy expanded from 2.5% to 4.1% between Q3 2023 and Q4 2025.
- Inflation reduction - Inflation fell from 35% to 15% (though the methodology was revised).
- Oil production boost - Daily output rose from 1.41m to 1.84m barrels per day.
- Tax reforms - Ambitious tax overhaul aims to raise tax-to-GDP ratio from 10.9% to 18%.
- Ways and means cut - Reduced the government's deficit financing through the CBN facility.
- GDP rebasing - First rebasing in 11 years to capture structural economic shifts.
- International engagement - Led World Bank/IMF talks to reposition Nigeria for investment.
- Fuel subsidy removal -Fuelled Nigeria's worst cost-of-living crisis in nearly 30 years.
- Currency devaluation - Stoked inflation despite making the economy more investor-friendly.
- Budget delays -2025 and 2026 budgets not signed until February each year.
- Poor budget performance - Pending capital projects rolled over across fiscal years.
- Worsened poverty - Reforms increased inequality without adequate palliative measures.
- No commensurate development - Higher state allocations not matched by visible progress.
Edun leaves behind a mixed legacy of bold reforms and painful trade-offs.
Sources: Premium Times
