Presidency Shops For Wale Edun’s Successor

The presidency may have begun looking for a successor for Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, who is said to be unwell.

Sources at the Finance Ministry told InsideBusinessNG that the search is being kept under wraps, away from the knowledge of many top officials, to ensure the fiscal side of the economy continues running smoothly without interruption.

Despite his official duties, such as attending the MREIF listing ceremony on the NGX last Tuesday in Lagos, sources say Edun is dealing with partial paralysis. This health challenge is said to be affecting his work, and he needs plenty of rest.

According to ministry sources, strategy meetings led by the president have taken place, during which potential successors were discussed. However, the presidency has yet to settle on a candidate deemed capable of handling the role, which demands someone with no tolerance for incompetence.

Bayo Onanuga, the President’s Special Adviser on information and strategy, has declined to comment on the situation, brushing off media inquiries.

Last week, InsideBusinessNG sent Onanuga a media inquiry about the replacement of ministers and when cabinet members eyeing elective positions in the 2027 general elections would step down, but it has gone unanswered. The presidential aide has also ignored phone calls.

Edun’s illness came to light in October when the presidency announced that the Governor of the Central Bank of Nigeria (CBN) would lead the country’s delegation to the recent World Bank/IMF meeting, a role typically reserved for the finance minister.

According to a statement signed by the President’s Special Adviser on Information and Strategy, Onanuga, titled ‘Cardoso leads Nigeria’s delegation to the World Bank-IMF meeting in Washington DC,’ Cardoso will replace the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

“Cardoso, as the alternate Governor, replaces the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who is indisposed,” Onanuga stated.

Apart from Edun, who is said to be unwell, Power Minister Bayo Adelabu has openly announced his ambition to run for Oyo State governor in the upcoming 2027 elections and is expected to have stepped away from governance and this administration by now.

Adelabu leads the Power Ministry, a role that demands full focus on a sector grappling with liquidity issues, inactive operators, and outdated infrastructure. He’s expected to give undivided attention to fixing the imbalance between power supply and demand in the country.

Lateef Fagbemi, the nation’s Attorney General and a prominent minister, is reportedly interested in running for Kwara State governor and should have stepped away from his current role to avoid divided attention.

As finance minister, Edun holds significant influence, heading a top-tier ministry that sets Nigeria’s fiscal course. His role as Coordinating Minister of the Economy grants him authority comparable to that of a prime minister. Such a position demands a highly capable individual to steer fiscal policies that shape the nation’s economic future.

“Nigeria is at a pivotal moment where fresh ideas are urgently needed to lift the country’s economy out of its current slump, making it essential to have a capable person to lead the ministry and its agencies toward improved performance”, noted an analyst who preferred anonymity.

Sources in the ministry told InsideBusinessNG that Nigeria needs to come up with new policies to help pull the country out of debt. As of June 30, 2025, the nation’s public debt stands at N152.4 trillion. The Debt Management Office (DMO) reports that the World Bank is Nigeria’s biggest creditor, holding $18.04 billion, which accounts for 38 per cent of its external debt.

They pointed out several with the country’s numerous foreign loans, claiming that some were agreed to without proper study or a clear understanding before Nigeria signed them.

Notably, some of the Chinese loans were reportedly written in Chinese and signed without a full understanding.(Inside Business Online)