Oyedele, Uzoka-Anite Promise Fiscal Discipline, $1trn-economy Drive

Newly sworn-in ministers of state, Finance, Taiwo Oyedele, and Budget & Economic Planning, Doris Uzoka-Anite, on Monday outlined their priorities for bolstering Nigeria’s public finances and economic transformation, emphasising fiscal discipline, revenue mobilisation, and private-sector investment as key drivers toward a $1 trillion economy.

Oyedele, who took the oath of office as minister of state for Finance, pledged in a post on his X handle to support stronger revenue mobilisation, fiscal discipline, and efficient use of public resources.

“In my new role, I will focus on supporting efforts to strengthen revenue mobilisation, promote fiscal discipline, and ensure that public resources translate into real improvements in the lives of Nigerians,” he stated.

He described the appointment as a call to national service amid fiscal challenges and growth opportunities, vowing to collaborate with Finance Minister Wale Edun, colleagues, the National Assembly, the private sector, and development partners to advance sustainable development. Oyedele thanked President Bola Ahmed Tinubu and the Senate for the confidence reposed in him, stressing integrity and dedication in public service.

Viewing his appointment as a “call to greater national service,” Oyedele acknowledged Nigeria’s pressing fiscal challenges—such as revenue shortfalls and rising debt—while highlighting untapped opportunities for growth.

He warned that today’s public finance decisions would shape the nation’s long-term prosperity and stability.

Expressing gratitude to President Bola Ahmed Tinubu for the trust and to the Senate for confirmation, Oyedele committed to close collaboration with Coordinating Minister of the Economy Wale Edun.

“I look forward to working closely with the Honourable Minister of Finance and Coordinating Minister of the Economy, colleagues across government, the National Assembly, private sector, and development partners to advance the mission of financing Nigeria for sustainable development,” he added.

He emphasised that public service demands integrity, humility, and dedication, positioning his role within broader reforms to enhance revenue generation, fiscal transparency, and macroeconomic stability.

In a related development at the Federal Ministry of Budget and Economic Planning, Uzoka-Anite assumed duty, asserting that 95 per cent of Nigeria’s economic development must come from private sector investment, with government contributing just five percent.

Welcomed by minister, Abubakar Atiku Bagudu and permanent secretary Deborah Odoh, she highlighted the private sector’s critical role in the Renewed Hope agenda and Tinubu’s economic reforms, which she said have laid the foundation for a $1 trillion economy.

“I have no doubt that Mr President can achieve the one trillion dollar economy as he has started by laying the foundation for that to happen,” Uzoka-Anite said, expressing gratitude for her prior roles in Industry, Trade and Investment, and as minister of state for Finance.Bagudu reinforced the vision, noting the administration’s target of seven percent annual growth by 2030 through the upcoming National Development Plan (2026–2030). He outlined the ministry’s role in coordinating plans, harmonizing policies, and fostering intergovernmental collaboration—given states’ 48 per cent share of public spending—while prioritising security, infrastructure, anti-theft measures in oil and mining, and partnerships like the upgraded Nigeria-China strategic ties.

The appointments come as the federal government pursues reforms to enhance revenue, budget efficiency, transparency, and macroeconomic stability, positioning both ministries at the forefront of Nigeria’s long-term prosperity.

Bagudu, in his remarks, elaborated on the ministry’s mandate as Nigeria’s official planning authority, responsible for coordinating national development plans, harmonizing fiscal and economic policies, and advising the President.

He revealed that National Economic Council discussions have pinpointed priorities like improved federal-state-local coordination—crucial since states handle 48 per cent of public expenditure—along with boosted security investments, sustained infrastructure funding, and crackdowns on crude oil theft and illegal mining.

Bagudu detailed the administration’s $1 trillion economy goal, which requires sustained seven percent annual growth, with the forthcoming National Development Plan (2026–2030) serving as the roadmap for reforms, investments, and initiatives.

He also highlighted strengthening global ties, including the recent elevation of Nigeria-China relations to a comprehensive strategic partnership, yielding key economic agreements.

Permanent secretary Odoh welcomed Uzoka-Anite’s leadership, expressing optimism that her extensive experience in public service and economic management would refine national planning and budgeting under the Renewed Hope agenda.

These appointments reinforce the Tinubu administration’s multi-pronged fiscal and economic strategy at a time of heightened focus on budget efficiency, revenue diversification, and inclusive growth, with both ministries poised to drive implementation amid ongoing reforms.