Bagudu reaffirms commitment to $1tr economy as Uzoka-Anite resumes
Mr Taiwo Oyedele, yesterday, formally assumed office as Minister of State for Finance.

After taking his oath of office as administered by President Bola Tinubu at the State House, Abuja, Oyedele pledged to prioritise revenue mobilisation, spending efficiency and fiscal sustainability as Nigeria pushes ahead with economic reforms.

Meanwhile, the Minister of Budget and Economic Planning, Abubakar Bagudu, has emphasised the importance of strong policy coordination and strategic planning in achieving the Federal Government’s ambitious economic goals.

Receiving the new Minister of State in his ministry, Dr Doris Uzoka-Anite, on her assumption of duty yesterday, Bagudu said the target of growing Nigeria’s economy to $1 trillion by 2030 would be pursued vigorously.

Oyedele, who until his appointment chaired the Presidential Committee on Fiscal Policy and Tax Reforms, said his new role “represents a shift from policy design to the execution phase” of the government’s fiscal reform agenda.

Speaking with State House correspondents after taking the oath of office, the new minister described the appointment as a privilege and an opportunity to serve the country at a critical moment in its economic trajectory.

“The reward for doing a good job is more work,” he said. “It is always a privilege to have the opportunity to serve the country, especially at the highest level, and even more fascinating at this critical juncture for our country.”

He expressed appreciation to President Tinubu and Nigerians for the confidence reposed in him.

“Reforms are only as good as the paper on which they are written. What is really important is the diligent execution. This is part of moving from policy formulation to execution, and we are excited about the challenges ahead,” he said.

Outlining his priorities, Oyedele said the Ministry of Finance would focus on strengthening government revenue generation to meet growing public demands while ensuring efficient use of available resources.

According to him, improving revenue mobilisation remains critical for the government at both federal and sub-national levels.

“There is the issue of revenue mobilisation, so that the government can have enough revenue to meet the increasing demand on the treasury,” he said.

He added that improving spending efficiency would also be central to fiscal reforms, stressing the need to maximise the value derived from public funds.

“For every one naira that we earn, how do we optimise the value we get from it to meet the needs of our people?” he asked.

Oyedele’s appointment followed a cabinet reshuffle by the President, which saw the former Minister of State for Finance, Dr Doris Uzoka-Anite, redeployed to the Ministry of Budget and National Planning.

A native of Ikaram in the Akoko area of Ondo State, the 50-year-old economist and tax expert brings over two decades of experience in fiscal policy and taxation.

He began his academic career at Yaba College of Technology (YABATECH) where he obtained a Higher National Diploma (HND) in Accountancy and Finance before earning a Bachelor of Science (B.Sc) degree in Applied Accounting from Oxford Brookes University in the United Kingdom.

He also attended executive education programmes at leading global institutions, including the London School of Economics, Yale University, the Gordon Institute of Business Science in South Africa and the Harvard Kennedy School in the United States.

Before entering public service, Oyedele spent 22 years at the global professional services firm, PricewaterhouseCoopers, where he rose to become Fiscal Policy Partner and Africa Tax Leader, advising governments and multinational organisations on tax policy and fiscal reforms.

He is also active in academia, serving as a professor at Babcock University in Ogun State and as a visiting scholar at Lagos Business School (LBS).

Presidency officials say Oyedele’s appointment is expected to strengthen the administration’s fiscal reform drive as Nigeria seeks to improve revenue generation, enhance public spending efficiency and stabilise its economic outlook.

BAGUDU said the Tinubu administration “plans to achieve” the ambitious $1 trillion economy by growing the economy at seven per cent yearly, explaining that the coming National Development Plan (2026–2030) would guide economic reforms, investment priorities, and development initiatives across the country.

He welcomed Uzoka-Anite’s appointment and told her that, as the official planning authority of the country, the Federal Ministry of Budget and Economic Planning “is responsible for preparing and coordinating” national development plans, harmonising fiscal and economic policies, providing policy advice to the President and coordinating development initiatives across the federal, state, and local levels.