Tinubu To State Minister for Finance: Strengthen Nation’s Economy and Pursue Rapid Growth
* I’ll prioritise revenue growth, fiscal sustainability, Oyedele assures Nigerians
Drji Elumoye in Abuja
President Bola Tinubu has charged the new Minister of State for Finance, Professor Taiwo Oyedele, to strengthen the nation’s economy, as well as consolidate economic stability while pursuing accelerated growth.
In an address delivered on Monday afternoon shortly after administering the oath of office on the new appointee at the State House, Abuja, the president explained that: “It didn’t take much for me to decide where you fit and where you need to be to further help the country, it is a very challenging job to look at the fiscal policy and responsibility that comes with it at the time that economic stability is being experienced, but without exponential growth, it is always very difficult, but you fit the bill.”
Tinubu said the decision to appoint Oyedele was deliberate, noting that his expertise and commitment made him the right choice for the demanding role.
Expressing confidence in Oyedele’s ability following his swearing-in as Minister of State for Finance, he described the minister as a dedicated professional well suited to help steer Nigeria’s fiscal reforms.
The president stressed that managing fiscal policy and ensuring financial discipline remain critical tasks for the government as it seeks to sustain reforms and strengthen the nation’s economic foundation.
He commended Oyedele for his contribution to the reform of Nigeria’s tax framework, noting that the country’s previous tax structure had become obsolete and required a comprehensive overhaul to align with modern economic realities and progressive thinking.
Tinubu described the new state minister for finance as a highly determined and committed individual who has demonstrated strong capacity for public service.
He also expressed appreciation to the appointee for accepting the call to serve the nation, describing the occasion as an important moment in the administration’s effort to deepen economic reforms.
His words: “This is a very very good day and Taiwo I thank you for accepting to serve your country, whether that you rewritten the entire tax policy of this country that it was obsolete, archaic and fundamentally against every progressive thinker, you are just a very dedicated and highly determined individual.”
The president also acknowledged the support of Oyedele’s family, particularly his wife, for standing by him despite the demands of public service and the challenges of balancing time and responsibilities.
“I thank you. I congratulate you. I congratulate your wife for being able to stand our challenge of time management and absence for long hours. This is additional responsibility, and I hope you continue to encourage him and support him adequately,” Tinubu further stated.
Speaking with newsmen after being sworn in, Oyedele declared that his immediate priority will be to strengthen revenue generation, improve spending efficiency, and ensure fiscal sustainability in order to support Nigeria’s economic stability and growth.
The state finance minister explained that the ministry’s agenda would align closely with the broader priorities of the Federal Government.
According to him, a key focus of the administration is revenue mobilisation to enable government meet the growing demands on the treasury at both the federal and sub-national levels.
The minister also emphasised the need to enhance spending efficiency, stressing that government must maximise the value derived from every naira earned in order to effectively meet the needs of Nigerians.
Oyedele added that debt management and fiscal sustainability would remain central to the ministry’s policy direction, underscoring the importance of aligning fiscal policy with other national strategies, including monetary, trade, and international economic policies.
He said: “So the priorities are the priorities of the government, the priorities for our country, because the Ministry of Finance will not operate in isolation. And those issues are mostly around revenue mobilization, so you can have enough revenue to meet the increasing demand of the public on the treasury, both at the federal level as well as sub-national.
“And then there’s also the issue around spending efficiency and priority, because for every one naira that we earn, how can we optimize the value we get from it to meet the needs of our people? And of course, you know, issues around debt management and fiscal sustainability is also important.”
He noted that Nigeria must position itself strategically to navigate global economic uncertainties, geo-political tensions and other external pressures while harnessing opportunities available within the country and globally.
According to him, “Now, how all of this connect effectively and link up to other policies of government from, you know, monetary policy to trade and other policies as well across sub-national, and also within the context of the international community because we don’t live in isolation and we know what’s happening with geo-politics and crisis, is actually about how do you think proactively and say, how do we position Nigeria to best manage challenges and headwinds while optimizing the values and the opportunities that are there both within Nigeria and globally for our country?”
Commenting on his new assignment, Oyedele described the opportunity to serve at such a critical period in the nation’s history as a privilege, expressing gratitude to the president for the confidence reposed in him.
He also thanked Nigerians and key stakeholders who had supported ongoing reform efforts, stressing that meaningful reforms depend not only on policy design but on effective implementation.
According to him, the focus now is to move from policy formulation to diligent execution in order to deliver tangible results for the country.
His words: “I think they say the reward for doing a good job is more work, and I think it’s always a privilege to have the opportunity to serve your country, especially at the highest level. But it’s even more fascinating at this critical juncture for our country. So I do not take the trust for granted. So I’m grateful to Mr. President, but also very grateful to the generality of the Nigerian people, particularly stakeholders that have been very supportive of the work we’ve done to date.
“But you know, they say reforms are only as good as the paper on which they are written. What is really important is the diligent execution, and this is part of it: to move from policy formulation to execution. So we’re very excited and looking forward to the challenges ahead.”
Oyedele assured the president and Nigerians of his commitment to give his best in the discharge of his duties, expressing confidence that with team work and strong leadership within the Ministry of Finance, the country would be able to overcome its challenges and unlock emerging economic opportunities.
“Yeah, you know, I think if you give your best at every point in time, even when it’s not good enough, you won’t have any regret. And so one thing I can promise Mr. President and the Nigerian people is that I’ll give my very best at every point in time.
“And I’m confident in the Ministry of Finance, with the complement of the team and the leadership working together, I don’t think there’s anything that will be beyond us to be able to surmount. There are challenges, no doubt, but so are the opportunities that abound for our country,” the minister added.
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