Wale Edun’s Scorecard: Achievements and Failures as Finance Minister

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.

Key Downsides:

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