Mixed reactions trail Wale Edun’s 32-month tenure

REACTIONS on LinkedIn have been mixed following assessments of the 32-month performance of former Minister of Finance, Wale Edun, with commentators divided over his economic approach and policy outcomes.

The debate was sparked by a post from Channels TV London Bureau Chief, Juliana Olayinka, which praised the ex-minister’s tenure. However, responses from professionals reflected contrasting views on his stewardship of the economy.

A Manager at GHCS-PSM, Mr John Haruna, described Edun as a “finance minister without humanity,” a comment that drew attention for its sharp criticism of his policy direction.

In a similar tone, Customer Service Expert, Mr Festus Adejuwon, argued that the former coordinating minister of the economy appeared more aligned with market-driven interests than public welfare. He said Edun “performed more as a capitalist enabler than on the side of the masses,” while also acknowledging that he was willing to speak candidly to his principal even when others, in his view, offered excessive praise.

READ ALSO: Four reasons Tinubu sacked Wale Edun as finance minister

Despite the criticism, some other commentators in the broader discussion defended aspects of his tenure, suggesting that his policies reflected tough economic realities rather than personal shortcomings, underscoring the divided public opinion on his performance.

Overall, the reactions highlight a sharply polarised assessment of Edun’s time in office, with interpretations split between policy discipline and perceived social impact.

Edun’s scorecard

Under Mr Edun, Nigeria removed the petrol subsidy which was gulping billions of naira of taxpayers’ money while enriching a few petrol marketers. As a result, the petrol price jumped, reaching nearly N1,000 per litre from less than N200 pre-May 29, 2023. Though petrol is now more expensive, it is readily available.

Under Edun, the foreign exchange market was liberalised and naira devalued. Currently, the naira exchanges for over N1,300/$, making imported products more expensive. However, the naira is now more stable while the dollar is readily available at banks across the nation.

But this increased poverty under him. The World Bank data shows that the share of Nigerians living below the poverty line increased from 56 percent in 2023 to 61 percent in 2024, before peaking at 63 percent in 2025. This was disclosed in Nigeria Development Update (April 2026) entitled ‘Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development,’ released in Abuja in the second week of April, 2026. The budget implementation was poor under him, while the poor and the vulnerable were ignored in his reforms, say experts.

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As a result, some others who commented on LinkedIn said he failed to achieve set targets. A Commodity Expert, Mr Abdul Inusa Danyaya, said the nation’s debt profile under his watch was woeful. “Under his watch they borrowed more than any time since 99. So what exactly is the summary of all you have written in reality of impact to the citizens and the current hardship,” he wrote, in reference to Juliana’s post.

A Finance Consultant, Mr Kelechi Arikibe, noted that all his credentials mean nothing if he did not use them to rescue the economy. “The economy even went bad. Sometimes its not about the credentials.”

READ ALSO: Wale Edun aligns with Economy Post: Nigeria must cut debt, build strong domestic revenue

An Audit and Risk Management Expert, Mr Johnson Ijabiyi, noted that Nigerians saw little improvement under Edun. “While Wale Edun’s credentials speak volumes, the expected positive economic impact has not been widely felt. For many citizens, academic or professional pedigree carries little weight if it is not reflected in tangible economic improvements.”

‘He did his best’

However, there were many who believed he did his best, given the prevailing economic circumstances.

According to Ms Olayinka, “His tenure as Finance Minister was defined by decisions that were economically necessary and politically costly. Fuel subsidy removal. Exchange rate unification. Fiscal transparency measures including the expansion of the Treasury Single Account framework.”

She said Edun made a deliberate shift away from expensive external borrowing toward domestic reform and private capital. “And just days before his removal, there was a statement that Nigeria was not seeking IMF support, delivered from a position of hard-won resilience,” he argued, though this is not completely correct.

Chief Executive Officer of OsyTob and 04’s Clothings, Mr Onene Obele-Oshoko, said he laid a solid foundation with his wealth of experience, noting that his successor is expected to build and continue from where he stopped.

A risk manager, Mr Ayoola Agoro, said Mr Edun made an “extremely great impact on the Nigerian economy and should be celebrated immensely.”

READ ALSO: IMF meetings: Edun seeks global backing as inflation risks mount

In reality. investor confidence returned to Nigeria under Edun, while his FX and petrol sector reforms are commendable, Without the removal of petrol subsidy in 2023, Nigeria would have been in a much worse situation now, given the current US-Iran war, according to energy experts.

However, his biggest weakness is that his reforms increased poverty and excluded the poor. “His Bretton Woods policies were attractive to global agencies and bodies, but less attractive at home,” said an Abuja-based economist, Ms Jessica Ayoola.