'The economy is no longer smiling' – Finance Minister Edun told

Accounting and Financial Development Don at Lead City University, Ibadan, Prof Godwin Oyedokun says the newly inaugurated Minister of Finance and Coordinating Minister of the Economy, Olawale Edun must fix the challenges facing Nigeria's economy.

He made this known after President Bola Tinubu unveiled his 45-member ministerial cabinet.

Prof Oyedokun stressed that Edun must ensure equitable distribution of fuel subsidy removal palliative to all Nigerians.

“Mr Olawale Edun is a man of Integrity; I don’t doubt his ability to tackle Nigeria’s economic challenges. He should hit the ground running immediately; there is no longer room for excuses because they have been part of the government from day one.

“The economy is no longer smiling; people are struggling to cope. The petrol subsidy removal and exchange rate are troubling Nigerians.

“The palliative should be adequately looked into; what are the criteria for the distribution because everybody is affected by the current hardship.

“The formula to ensure that the ordinary citizens get, the Minister must look at the palliative”, he said.

“Also, the issue of forex must be tackled head-on; the government should sit down and consider the measures to be taken that provide a permanent solution”, he stated

Nigeria's fiscal, monetary policy, inflation, unemployment, foreign exchange and debt burden and other economic problems have now become the immediate headaches of Edun.

The country’s July inflation figure skyrocketed to 24.08 per cent, with N77 trillion debt burden and increased poverty level. Cost of living has also hit harder on Nigerians occasioned by fuel subsidy removal amid foreign exchange crisis.

Meanwhile, President Tinubu, during his urged the ministers to address all the challenges facing the country.

“In this moment of abundant promise and peril in equal measure, all of you that have been sworn in have been called to distinguish yourselves. Nigerians are highly expectant of excellence in service delivery, accountability, and transparency,” he said.