BREAKING: Nigeria’s Finance Minister Wale Edun Hospitalised Over Undisclosed Ailment

• Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has been hospitalised over an undisclosed ailment, prompting CBN Governor Olayemi Cardoso to lead the country’s delegation to the 2025 World Bank and IMF Annual Meetings in Washington, D.C., in his stead.

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has been hospitalised over a yet-to-be-disclosed ailment, the Presidency confirmed on Sunday.

In a statement released by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, will now lead Nigeria’s delegation to the 2025 World Bank and International Monetary Fund (IMF) Annual Meetings in Washington, D.C.

“The Governor of the Central Bank, Mr Olayemi Cardoso, will lead Nigeria’s delegation to the World Bank and International Monetary Fund Annual Meeting in Washington D.C., which opens on Monday, October 13,” the Presidency announced. “Cardoso, as the alternate Governor, replaces the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who is indisposed.”

The Presidency did not disclose the nature of the minister’s ailment or specify when he is expected to resume duties.

Edun’s Role in Tinubu’s Economic Team

Mr. Edun, a longtime ally of President Bola Ahmed Tinubu, is one of the key architects of the administration’s economic reform agenda, including the removal of fuel subsidies, foreign exchange unification, and fiscal restructuring aimed at attracting foreign investment.

Appointed in 2023, Edun has been a central figure in the push to stabilise the naira exchange rate, improve public finance transparency, and expand Nigeria’s credit market.

His hospitalisation comes at a critical period, as Nigeria grapples with rising inflation, currency volatility, and public discontent over the high cost of living.

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Cardoso Steps In for Washington Meetings

The CBN Governor, Mr. Cardoso, will be joined by the Minister of State for Finance, Doris Uzoka-Anite, and other senior officials at the upcoming World Bank/IMF meetings, where discussions will focus on debt management, foreign direct investment, and global development financing.

According to the Presidency, the sessions will include:

• The Development Committee Plenary on October 16, and
• The International Monetary and Financial Committee meetings on October 17, alongside other high-level engagements.

Mr. Onanuga noted that the substitution was a routine adjustment to ensure Nigeria’s representation at critical global financial platforms was not affected.

Background

Before joining President Tinubu’s cabinet, Wale Edun served as Lagos State Commissioner for Finance under Tinubu’s governorship between 1999 and 2007, where he was credited with key fiscal and revenue reforms that boosted the state’s internally generated revenue (IGR).

At the federal level, Edun has championed reforms aimed at:

• Unifying Nigeria’s multiple exchange rates,
• Curbing government borrowing, and
• Enhancing fiscal responsibility through digital public finance management systems.

Neither the Presidency nor the Ministry of Finance has released updates on his current condition or timeline for return to work.