Senate Confirms Prof. Taiwo Oyedele as Minister of State for Finance

The Senate on Wednesday confirmed Prof. Taiwo Oyedele as Minister of State for Finance after a three-hour session of cross-party questioning. He presented measures to stabilise government revenues, accelerate contractor payments, and expand Nigeria’s revenue base. Oyedele proposed forward crude sales to shield the economy from oil price swings and ensure steady fuel prices. He warned against inflated contract costs caused by payment delays and recommended awarding projects only when funds are available. He also urged diversification beyond oil and taxes, highlighting solid minerals and the need for policy certainty. He stressed realistic budgeting with full execution of approved projects, noting that almost half of federal and state budgets rely on deficit financing. If confirmed, he will first map out outstanding contractor debts and funding gaps, then prioritise infrastructure like farm-to-market roads to drive economic growth. Senate President Akpabio commended his expertise and fit for the role.

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