Edun: Minister credits Tinubu, says he saved Nigeria from economic bleeding

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has credited President Bola Tinubu’s policy for ending Nigeria’s economic bleeding, specifically citing the stoppage of imported fuel that previously cost the nation 5% of its GDP each year.

According to the Diaspora Digital Media (DDM), Edun gave the credit to Tinubu while speaking during the opening ceremony of the National Council on Finance and Economic Development (NACOFED) with the theme: “Fostering Economic Growth in Challenging Times,” in Bauchi on Monday.

Edun noted that President Tinubu’s administration inherited a mix of assets and liabilities, emphasizing the need for forward-thinking decisions to stabilize Nigeria’s economy.

“President Bola Tinubu’s administration has implemented significant macroeconomic reforms, halting the economic ‘bleeding’ that drained 5% of Nigeria’s GDP annually due to fuel subsidies and foreign exchange subsidies that only benefited a select few and neighboring countries.”

“The removal of elitist structures has paved the way for a more equitable distribution of resources, enhancing the federation account and enabling investments in education, healthcare, and infrastructure across Nigeria.”

“Nigeria’s petroleum refining sector is now open for business, paving the way for private sector investors to drive industrialization.”

“Locally refined crude oil now provides petroleum products and raw materials for industry, paving the way for a more stable and sustainable economy that welcomes investors and fosters competitive production for domestic and export markets,” Edun stated.

As reported, Governor Bala Mohammed of Bauchi was appreciated by the Minister for hosting the conference, and the organizers were commended for their hard work.

In response, the Governor promised to go above and beyond to make the event exceptional.”

Who is Edun?

Wale Edun is a Nigerian economist, investment banker, and politician who has made significant contributions to the country’s finance and economic sector.

Born on April 20, he holds bachelor’s and master’s degrees in economics from the University of London and the University of Sussex, respectively.

Early Career of Edun

Edun began his career at Chase Merchant Bank (now Continental) in Lagos, Nigeria, from 1980 to 1986.

He then joined the World Bank in 1986 through the elite Young Professionals program, where he worked on economic and financial packages for several countries in Latin America and the Caribbean.

Political Career of Edun

Edun’s political career began in 1999 when he was appointed Lagos State Commissioner of Finance by then-Governor Bola Tinubu, a position he held until 2004.

On August 16, 2023, President Bola Tinubu appointed him Minister of Finance and Coordinating Minister of the Economy.

Founding of Investment Banking & Trust Company Limited

In 1989, Edun co-founded Investment Banking & Trust Company Limited, now known as Stanbic IBTC, and served as executive director.

He also founded Denham Management Limited, which later became the Chapelhill Denham Group, and served as chairman from 2008 to 2021.

Chairmanship Roles

Wale has held several chairmanship roles, including Chairman of the African Governors’ Forum of the World Bank, Chairman of the Chapelhill Denham Group, Chairman of the Lagos Boxing Hall of Fame, and Chairman of the Livewell Initiative.

Personal Life and Philanthropy

Edun is married to Amy Adwoa Appiah, and they have three sons, including British actor Adetomiwa Edun. He is also a board member and Nigerian chair of the Duke of Edinburgh’s International Award Foundation.

Tinubu’s Oil Subsidy Policy

President Bola Tinubu’s oil subsidy policy has been a topic of significant interest and debate. In May 2023, Tinubu declared an end to fuel subsidies, stating that the costs were no longer justifiable.

The move was expected to free up resources for infrastructure development, education, healthcare, and job creation.

However, recent reports suggest that despite the declared end to subsidies, the government spent N3.6 trillion on petrol subsidies in 2023 and is projected to spend N5.4 trillion in 2024.

This has led to criticism and accusations of lies and denials by government officials.

The removal of subsidies has also had significant economic implications, including:

Increased fuel prices: Petrol prices have tripled, with a liter costing over N1000, up from N230/liter before Tinubu took office.

Devaluation of the naira: The naira has weakened significantly, with the exchange rate moving from N464.51/$ to N1,475.95/$.

Inflation: Inflation has surged to 33.69% in April 2024. Experts argue that while removing subsidies is a good policy, the mitigating instruments were not properly implemented, leading to widespread shocks.

Tinubu’s oil subsidy policy has been met with both praise and criticism. While it’s intended to promote economic growth and sustainability, its implementation has raised concerns about the government’s transparency and ability to mitigate the impacts on vulnerable populations.

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