The newly sworn-in Minister of State for Finance, Professor Taiwo Oyedele has promised to strengthen revenue generation, improve spending efficiency, and ensure fiscal sustainability to support Nigeria’s economic stability and growth.
Speaking with State House correspondents on Monday, shortly after his swearing-in by President Bola Ahmed Tinubu at the State House, Abuja, Professor Oyedele said the ministry’s agenda would align closely with the broader priorities of the Nigerian Government.
He noted that a key focus of the administration is revenue mobilisation to enable the government to meet growing demands on the treasury at both federal and sub-national levels.
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The minister also emphasised the need to enhance spending efficiency, stressing that “government must maximise the value derived from every naira earned to effectively meet the needs of Nigerians.”
Professor Oyedele explained 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.”
“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 mobilisation, 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 optimise the value we get from it to meet the needs of our people? And of course, issues around debt management and fiscal sustainability are also important,” he said.
The Minister noted that Nigeria must position itself strategically to navigate global economic uncertainties, geopolitical tensions, and other external pressures while harnessing opportunities available both within the country and internationally.
“Now, how all of this connects effectively and links up to other policies of government from monetary policy to trade and other policies across sub-national levels, and also within the context of the international community, because we don’t live in isolation and we know what’s happening with geopolitics and crises is actually about how you think proactively and say, ‘How do we position Nigeria to best manage challenges and headwinds while optimising the values and opportunities that are there both within Nigeria and globally for our country?” Professor Oyedele explained.
Responding to his new assignment, Professor Oyedele described the opportunity to serve at such a critical period in the nation’s history as a privilege, expressing gratitude to President Tinubu 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.
“ 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. 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,” he said.
The Minister assured the President and Nigerians of his commitment to give his best in the discharge of his duties, expressing confidence that, with teamwork 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,” Professor Oyedele added.