Nigeria’s Tinubu appoints Olawale Edun as finance minister

Abuja — Nigerian President Bola Tinubu appointed banker Olawale Edun as minister of finance and co-ordinating minister of the economy as he seeks to recalibrate Africa’s biggest economy, the president’s spokesperson said on Wednesday.

Edun is one of Tinubu’s closest advisers and a member of his economic team that helped prepare his election manifesto. He had long been tipped to become finance minister. Before Wednesday’s appointment, Edun was special adviser to Tinubu on monetary policy.

Tinubu won a disputed February presidential election, which is being challenged by his main opponents in court.

He has embarked on some of the boldest reforms that Nigeria has seen in years, including scrapping a popular but costly petrol subsidy and removing exchange rate restrictions. The naira has weakened to record lows.

The reforms are a gamble to try to kick-start growth but inflation has soared, worsening a cost-of-living crisis, which is a big headache for Tinubu and his new ministers.

Nigeria’s inflation rose to an 18-year high in July. The country also faces widespread insecurity, mounting debt burden, high unemployment and slow growth which has stoked tension among the population struggling with a high cost of living.

Nigeria’s Senate cleared the nominees last week, paving the way for their swearing-in. Spokesperson Ajuri Ngelale said no date has been fixed yet but said the ministers should be sworn in “very soon”.

Ngelale said a main petroleum minister had yet to be appointed but Tinubu appointed Heineken Lokpobiri as junior minister of petroleum and Ekperipe Ekpo as junior minister of gas resources.

The president, with 45 cabinet members, chose Mohammed Badaru as defence minister and Yusuf Tuggar as foreign affairs minister. Both will take on the task of working with regional bloc Ecowas to find a solution to the crisis in Niger where a military junta has seized power.

Reuters