Mr Oyedele previously served as Minister of State in the ministry.

President Bola Tinubu has approved a minor cabinet reshuffle, effecting changes in the Federal Executive Council (FEC) with the exit of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

In a statement issued on Tuesday by the Office of the Secretary to the Government of the Federation (SGF), George Akume disclosed that Mr Edun has been directed to hand over to Taiwo Oyedele, who has now been elevated to serve as the new Minister of Finance and Coordinating Minister of the Economy.

Mr Oyedele previously served as Minister of State in the ministry.

The reshuffle also affects the Ministry of Housing and Urban Development, where the outgoing minister, Ahmed Dangiwa, is to vacate his position. In his place, Muttaqha Darma has been named as ministerial nominee and minister designate, pending necessary confirmation processes.

According to the memo, all handover procedures are to be concluded on or before the close of business on 23 April, with Mr Dangiwa directed to transfer responsibilities to the Minister of State in the interim.

Mr Akume said the changes were designed to "strengthen cohesion and synergy in governance" while enhancing the administration's capacity to deliver more impactful economic outcomes for Nigerians under the Renewed Hope Agenda.

He noted that the President exercised his constitutional powers under Sections 147 and 148 of the 1999 Constitution (as amended) in approving the reshuffle.

The President also commended the outgoing ministers for their service and wished them success in their future endeavours, while assuring that efforts to reinvigorate the cabinet would remain an ongoing process.