‘He Doesn’t Have The Right Education’ — ADC Questions Oyedele’s Capacity To Manage Nigeria’s Economy

Bolaji Abdullahi, spokesperson of the African Democratic Congress (ADC), has questioned the educational background of Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, arguing that his training may not be suited to managing Nigeria’s economy.

Abdullahi made the remarks on Monday evening during an interview on Channels Television’s Politics Today, where he discussed the Federal Government’s 30-day fuel price reduction initiative.

He argued that economic policies, particularly those involving fuel subsidies, require an understanding of different economic ideologies and specialised expertise.

“I’m not saying he’s incompetent, but I think he doesn’t have the right education,” Abdullahi said.

“Because, look, the issue of subsidy is ideological. And we have to understand where you are coming from. I mean, I’m talking about an economy, this Nigerian economy.”

The ADC spokesperson, however, clarified that his criticism was not a personal attack on Oyedele, whom he described as intelligent and someone he held in high regard.

“No, I’m not going personal. Like I said, I have utmost respect for him. And I think he’s quite a smart guy. I’m not taking that away from him,” he said.

Explaining his position, Abdullahi argued that accounting and economics require different approaches to analysing an economy, adding that the country needs professionals with the appropriate training to make critical economic decisions.

“But what I’m saying is that the way an accountant reviews an economy is not the same way an economist reviews it. And the same way a classical economist would look at it is not the way a development economist would look at it.

“We need people who are trained to do this job to do it.”

Oyedele holds a Higher National Diploma (HND) in Accountancy and Finance from Yaba College of Technology and a bachelor’s degree in Applied Accounting from Oxford Brookes University in the United Kingdom.

He has also completed executive education programmes at the London School of Economics, Yale University, Gordon Institute of Business Science and Harvard Kennedy School.

Before his appointment as Minister of State for Finance, Oyedele spent 22 years at PricewaterhouseCoopers (PwC), where he rose to become the firm’s first fiscal policy partner and Africa tax leader.

He was subsequently appointed Minister of Finance and Coordinating Minister of the Economy.

Oyedele’s economic management has come under scrutiny following the Federal Government’s announcement of a 30-day fuel price reduction initiative.

Last Thursday, the minister announced that the government would offer a 30-day discount on petrol sold at filling stations operated by the Nigerian National Petroleum Company (NNPC) Limited.

He said transporters would receive priority under the arrangement, which he maintained was not a fuel subsidy but a measure allowing the government to sell petrol at cost.

The initiative has also drawn criticism from former Vice-President Atiku Abubakar, who accused President Bola Tinubu of adopting his proposal for targeted support to reduce fuel costs while restricting the intervention to a 30-day discount.

Atiku, the ADC’s presidential candidate, said Tinubu had previously dismissed his proposal as evidence of ignorance of economic policy.

He added that the administration had described his proposal as unworkable before introducing its own fuel price reduction measure.

The controversy has renewed debate over the Federal Government’s approach to fuel pricing, the role of targeted interventions in easing economic hardship and the expertise required to manage Nigeria’s economy.