Three ministers of state in three months? The musical chairs at the finance ministry
Three ministers of state in three months? The musical chairs at the finance ministry
The ministry of finance is fast becoming, as it were, the ministry of musical chairs. At the beginning of March 2026, minister of state for finance was Doris Uzoka-Anite. At the beginning of April, Taiwo Oloyede was on the seat. By the end of May, the office could have another occupant — making it three ministers of state in three months.
Political observers believe these frequent changes stemmed from the strained relationship between President Bola Tinubu and Wale Edun, the minister of finance and co-ordinating minister of the economy, who was finally “relieved” of his duty on Tuesday — a day after his 70th birthday.
Taiwo Oyedele, who had been appointed minister of state for finance for barely six weeks, was immediately elevated to the substantive role.
In a matter of months, the ministry of finance has undergone a series of swift changes.
The position of minister of state for finance is vacant, for now.
Given that Oyedele has zero public service experience, it is not inconceivable that a more experienced hand may soon be appointed as the minister of state for such a critical ministry.
THE SEQUENCE OF CHANGES
At the outset of the Tinubu administration, Edun was appointed finance minister. There was no minister of state.
Following a cabinet reshuffle in 2024, Doris Uzoka-Anite, who was the minister of industry, trade and investment, was replaced by Jumoke Oduwole.
Uzoka-Anite was redeployed as the minister of state for finance, reportedly because Edun had lost the confidence of the president.
Key responsibilities of the senior minister were devolved to Uzoka-Anite, who appeared overwhelmed by the task of juggling revenue generation and distribution as chairman of the federation account allocation committee (FAAC).
The job requires more than knowledge of mathematics and accounting; it needs the experience of someone who can see where the money is and how the distribution can help or hinder the government’s spending priorities.
It is ordinarily a straightforward job: there is an established revenue-sharing formula. But it gets complicated when it comes to deductions and savings. This is where the minister and the state commissioners of finance use a third eye; otherwise, someone will go home with the shorter end of the stick.
TheCable understands that at the first meeting chaired by Uzoka-Anite, the states capitalised on her inexperience to allow savings and deductions that left the federal government with a hole.
A communique was not issued after a FAAC meeting for the first time, and salaries were delayed for a few weeks.
The development jolted Tinubu, who then decided to redeploy Uzoka-Anite to another ministry in March while Edun’s stripped powers were returned to him.
Then in March, Uzoka-Anite was moved to the ministry of budget and national planning as minister of state — her third ministerial portfolio in three years.
Tinubu nominated Oyedele, a tax expert and former chairman of the presidential fiscal policy and tax reforms committee, as minister of state for finance.
Meanwhile, Oyedele was confirmed by the senate on March 11, having played a central role as the presidential fiscal policy and tax committee chair, drafting and securing the passage of four major tax reform laws aimed at modernising Nigeria’s fiscal framework, boosting revenue generation, improving public spending efficiency and increasing returns from government assets and enterprises.
Less than two months after his swearing-in as minister of state, Oyedele has now been promoted to the senior position.
