Taiwo Oyedele officially has assumed office as the Minister of Finance and Coordinating Minister of the Economy.He takes over from Wale Edun following a cabinet reshuffle by President Bola Ahmed Tinubu announced earlier that week.

According to a statement issued on Friday by the Head of Information and Public Relations Unit, Efe Ovuakporie, the handover took place on Thursday, April 23, 2026, in line with a directive from President Bola Ahmed Tinubu.

The ministry noted that Edun’s time in office saw the implementation of several fiscal and economic measures aimed at stabilising the economy and setting it on a path of long-term growth. These efforts included steps to improve government revenue, strengthen coordination of public finances, and advance broader structural reforms under the current administration’s economic programme.

In his remarks after taking over, Oyedele praised his predecessor for his contributions to the country’s economic reforms. He commended Edun for his service and wished him well in his future endeavours.

The new minister also expressed gratitude to President Tinubu for entrusting him with the role. He said he is prepared to work closely with the leadership and staff of the ministry to achieve the government’s economic goals and deliver results that will benefit Nigerians.

Speaking on behalf of the ministry’s leadership, the Permanent Secretary, Raymond Omachi, along with the Permanent Secretary for Special Duties, Mohammed Sanusi Danjuma, assured the minister of their full cooperation and support in carrying out his responsibilities.

Oyedele said his focus would be on building on existing reforms while ensuring that government policies produce clear and measurable results across key sectors of the economy.

The ministry added that the change in leadership is expected to ensure continuity in its work, with ongoing attention on strengthening economic reforms, maintaining fiscal discipline, and improving outcomes for citizens.

The Federal Government has approved a comprehensive welfare package for civil servants, headlined by the introduction of a new Exit Benefit Scheme (EBS) and a 100% Duty Tour Allowance (DTA) for training.

These reforms, announced by the Head of the Civil Service of the Federation, Didi Walson-Jack, on April 24, 2026, aim to improve take-home pay and boost workforce morale.

According to Walson-Jack, the review affects workers under both the Consolidated Public Service Salary Structure (CONPSS) and the Consolidated Research and Allied Institutions Salary Structure (CONRAISS), ensuring a broad-based impact across all cadres.

She said the revised peculiar allowances have been structured to reflect across all grade levels, resulting in a meaningful increase in earnings for both junior and senior officers.

In addition, the government approved an upward review of several key allowances, including duty tour allowance (DTA), estacode, and book allowance. Walson-Jack noted that virtually all allowances listed under the Public Service Rules have now been revised.

A major highlight of the reform is the approval of 100 percent Duty Tour Allowance for civil servants attending approved training programmes, regardless of whether travel is involved.

“Even if you are based in Abuja and attend training within Abuja, you are entitled to full DTA,” she said.

Beyond salary-related adjustments, the government also introduced a new exit benefit scheme for retiring civil servants under the Contributory Pension Scheme. The scheme provides 100 percent of a retiree’s total annual emoluments as an exit package, in addition to their pension, effective January 1, 2026.

Walson-Jack described the move as a step toward ensuring dignity in retirement, stressing that no public servant should leave service without adequate financial support.

The government also confirmed the operationalisation of the Employee Compensation Scheme, designed to provide financial protection for workers who suffer job-related injuries or death.

The reforms come amid growing calls from labour unions for improved welfare, as rising living costs continue to put pressure on workers. Analysts say the combined measures could significantly enhance financial stability for civil servants and improve overall productivity in the public sector.

Providus Bank Plc has commissioned a new branch in Ado-Ekiti, marking another step in its steady expansion across key growth markets in Nigeria.

Having met the Central Bank of Nigeria’s (CBN) recapitalisation requirement since January 2025, Providus Bank is now focused on expanding its footprint to support local enterprise, deepen financial inclusion, and bring banking services closer to individuals and businesses.

Speaking at the commissioning, the Executive Director/Chief Financial Officer, Deoye Ojuroye, noted that the expansion is part of a broader plan to strengthen the Bank’s presence nationwide over the next 12 months.

“Our approach is deliberate—we are growing in the right places, supporting real economic activity, and building a bank that is both resilient and responsive to the needs of our customers.”

He added that Providus Bank remains on a strong footing, with a disciplined approach to capital and risk management underpinning its growth.

“We are well capitalised within our regulatory category, and that gives us the confidence to continue expanding responsibly while supporting businesses and communities.”

The Bank plans to open additional branches in strategic locations over the coming year, reinforcing its commitment to scale, accessibility, and long-term value creation.

Providus Bank continues to position itself as a reliable partner to businesses and individuals, combining financial strength with a clear focus on sustainable growth.