Sources within the Presidential Villa disclosed that the development, which came shortly after Edun turned 70 on April 20, had been anticipated for several months.
According to insiders, the president had advised Edun to step down honourably as far back as October 2025. However, the minister was said to have sought to remain in office.
Officials further revealed that following the directive, some of Edun’s key responsibilities were reassigned to the Minister of State for Finance, Doris Uzoka-Anite. These included oversight of revenue generation, revenue distribution, and domestic debt management.
The changes also saw Edun relinquish his role as chairman of the Federation Account Allocation Committee (FAAC), a critical function within the finance ministry.
In a related development, tax expert Taiwo Oyedele was appointed into a junior ministerial role, while Uzoka-Anite was later redeployed to the Ministry of Budget and Economic Planning.
Sources indicated that disagreements over funding for major infrastructure projects contributed significantly to Edun’s exit. Among the projects reportedly affected were the Lagos-Calabar Coastal Road and the Sokoto-Badagry Super Highway.
Edun was said to have maintained that available government revenue was insufficient to fund capital-intensive projects after meeting obligations such as debt servicing, salaries, and pensions.
This stance, according to insiders, led to complaints from ministries, departments and agencies (MDAs) over delays in the release of funds for capital projects.
Contractors were also reported to have protested unpaid obligations, with some staging demonstrations in Abuja and threatening legal action against the finance ministry.
Further tension reportedly arose over revenue projections. During deliberations on the 2026–2028 Medium-Term Expenditure Framework (MTEF), Edun was said to have expressed doubts about the Federal Government’s projected revenue of N40.8 trillion for 2025, estimating actual performance at about N10.7 trillion.
Sources noted that this position contradicted earlier assurances by President Tinubu that revenue targets were being met.
In addition, Edun was said to have openly disagreed with the president during a cabinet meeting, a development insiders described as affecting his standing within the administration.
Edun previously served as Commissioner for Finance in Lagos State between 1999 and 2004 during Tinubu’s tenure as governor.
There were also reports about his health last year after he was excused from attending meetings of the International Monetary Fund (IMF) and the World Bank, although he later resumed public engagements.