Ex-Finance Minister Wale Edun’s Economic Scorecard Released After Sack
- Former Finance Minister Wale Edun’s economic record has been unveiled, showing mixed outcomes across key indicators
- While inflation, GDP growth, and reserves improved under his watch, debt levels and fuel prices rose sharply
- The scorecard offers a clear picture of what Edun inherited in 2023 and what he left behind by 2026
The economic record of former Finance Minister Wale Edun has been made public following his removal from office.
According to Statis Sense, the scorecard highlights key indicators showing what he inherited in 2023 and what he left behind by early 2026.
Source: Getty Images
Inflation rate shows improvement
- August 2023: 25.80%
- March 2026: 15.38%
One of the most notable achievements under Edun was the reduction in inflation. Prices rose sharply before his tenure, but by March 2026, inflation had dropped significantly.
Exchange rate worsened
- August 2023: ₦773.9/$
- March 2026: ₦1,386/$
The naira weakened against the US dollar during his time in office, reflecting ongoing challenges in foreign exchange management.
External reserves grew stronger
- August 2023: $34.0Bn
- March 2026: $50.45Bn
Nigeria’s external reserves saw a healthy rise, giving the country more financial stability in global trade.
GDP growth rate increased
- August 2023: 2.54%
- March 2026 (Q4 2025): 4.1%
Economic growth picked up pace, with GDP growth improving to 4.1% by late 2025.
Fuel price surge
- August 2023: ₦626.7/litre
- March 2026: ₦1,051.57
Fuel prices more than doubled, putting pressure on households and businesses.
Debt-to-GDP ratio fell
- August 2023 (Q3): 39.82%
- March 2026: 32.3%
The debt burden relative to GDP improved, showing better fiscal management despite rising absolute debt levels.
External debt increased
- September 2023: $41.59Bn
- December 2025: $51.9Bn
Nigeria’s external debt grew, raising concerns about long-term repayment obligations.
Source: Getty Images
Domestic debt rose sharply
- September 2023: ₦55.9Trn
- December 2025: ₦84.8Trn
Domestic borrowing expanded significantly, reflecting heavy reliance on local debt markets.
Speaking with Legit.ng, AbdulRasheed Hussain, a policy analyst based in Nigeria, he analysed Wale Edun’s mixed economic scorecard:
“Wale Edun’s scorecard really shows the contradictions of Nigeria’s economic management under his tenure. On one hand, inflation dropped and GDP growth improved, which are clear wins. But on the other hand, the naira weakened badly, fuel prices more than doubled, and debt levels ballooned. For us, the takeaway is that while some indicators looked positive on paper, the everyday reality for Nigerians was harsher: higher costs of living and heavier debt burdens.”
Final assessment
Wale Edun’s scorecard paints a mixed picture. While inflation, GDP growth, reserves, and debt-to-GDP ratio improved, the exchange rate, fuel prices, and debt levels worsened. His tenure highlights the difficult balance between stabilising the economy and managing rising costs for citizens.
Wale Edun is a seasoned Nigerian economist, investment banker, and politician whose career spans global finance and national economic management. He is best known for serving as Nigeria’s Minister of Finance and Coordinating Minister of the Economy from August 2023 until April 21, 2026.
See the X post below from Statisense:
Why Tinubu removed finance minister Wale Edun
Legit.ng earlier reported that the presidency has explained why President Bola Tinubu removed Wale Edun, Minister of Finance and Coordinating Minister of the Economy, along with Umar Dangiwa, the Minister of Housing and Urban Development.
According to a statement from the Secretary to the Government of the Federation (SGF), George Akume, the president's decision was driven by the need for "greater cohesion, synergy in governance" and more effective delivery of the Renewed Hope agenda.
Akume stressed that the president acted fully within his constitutional powers under Sections 147 and 148 of the Constitution of the Federal Republic of Nigeria (1999, as amended).
Source: Legit.ng
