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Taiwo Oyedele confirmed after rigorous screening on fiscal and economic strategies.
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Focus on stabilising fuel prices, strengthening government revenue, and improving project execution.
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Senate President Godswill Akpabio commends appointment, highlighting Oyedele’s professional expertise.
The Nigerian Senate on Wednesday confirmed Taiwo Oyedele as Minister of State for Finance following nearly three hours of questioning on key economic issues.
During his screening, Oyedele recommended forward sales of crude oil to shield the economy from volatile international prices while providing predictable revenue and fuel pricing.
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He also advocated awarding government contracts strictly within available funds to prevent cost inflation by contractors.
On revenue diversification, Oyedele highlighted the underdevelopment of sectors like solid minerals and stressed the need to address regulatory gaps to enhance revenue beyond oil and taxation.
He also emphasised realistic budgeting, pointing out that nearly half of Nigeria’s budgets are deficit-financed, and noted that revenue from fuel subsidy removal should be spent on priority projects benefiting citizens, especially infrastructure linking farms to markets.
Following the confirmation, Godswill Akpabio praised President Bola Ahmed Tinubu for appointing Oyedele, describing him as a seasoned professional capable of supporting Nigeria’s economic management.