Wale Edun suffers setback as Tinubu reshuffles finance ministry, shifts revenue powers to minister of state

President Bola Tinubu has approved a major restructuring of responsibilities within the federal ministry of finance, reassigning key revenue-generation and cash management functions from Wale Edun to Doris Uzoka-Anite.

The directive, conveyed in a presidential memo dated December 10, represents one of the most significant internal reorganisations of Nigeria’s fiscal architecture in recent years.

The move effectively curtails Edun’s oversight of revenues, debt and payments at a time the federal government is facing acute cash-flow pressures.

The reshuffle follows a sharp revenue shortfall in 2025, despite earlier assurances by revenue agencies that targets had been exceeded, claims now disputed by senior officials.

Officials familiar with the situation say the government has slipped into what they describe as “cash management crisis mode”, with delayed payments and rising concern at the presidency over the state of public finances.

Under the new arrangement, Uzoka-Anite has been tasked with urgently identifying measures to shore up federal revenues within a 90-day window.

Since last week, the minister of state has commenced a broad review of government cash balances, payment obligations and revenue flows, holding meetings with officials of the debt management office, Nigeria Customs Service and internal cash management units.

She has also opened discussions with the Nigerian National Petroleum Company to improve revenue remittances, while the president has directed the attorney-general to work with her on tightening oversight of the state oil firm.

Despite these efforts, officials warn that without higher crude oil output and reduced leakages, the oil revenue outlook for 2026 remains fragile.

The reorganisation has, however, generated uncertainty across government, with civil servants and private-sector counterparties previously dealing with Edun for payment approvals now redirected to the minister of state.

Some analysts say the disruption reflects deeper structural weaknesses in fiscal coordination, particularly the separation of the budget office from the finance ministry.

Economists argue that the split, introduced under a previous administration and later reversed, has re-emerged amid the current fiscal strain, weakening discipline and oversight.

Uzoka-Anite, a former bank treasurer and ex-commissioner for finance in Imo state, brings extensive financial-sector experience to her expanded role as the government seeks to stabilise its cash position and restore confidence in fiscal management.