Fostering Unity: Addressing Geopolitical Imbalance in Nigeria’s Finance Sector

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Nigeria's President, Asiwaju Bola Ahmed Tinubu, GCFR

There is growing concern about the predominance of appointments from the South West geopolitical zone in the finance sector under the Tinubu administration. The issue is the concentration of major roles in the South West geopolitical zone. This includes the Central Bank of Nigeria (CBN) governor and the Minister of Finance, both hailing from the South West, which centralizes financial decision-making in one of the six geopolitical zones.

In light of the need for diversity and equitable representation, it’s imperative to consider appointing the CBN governor and the Minister of Finance from different geopolitical zones. Notably, several other key roles in the finance sector are held by individuals from the South West, including:

1. The Honourable Minister of Finance, Mr. Wale Edun

2. Central Bank Governor, Dr. Olayemi Michael
Cardoso

3. Accountant-General of the Federation, Mrs.
Oluwatoyin Sakirat Madein

4. Chairman, Federal Inland Revenue Service
(FIRS), Mr. Zacch A. Adedeji

5. Comptroller-General of Customs and Excise,
Mr. Bashir Adewale Adeniyi

Given the critical importance of the finance sector to the nation, it is imperative that this sector is not dominated by one geopolitical zone to the exclusion of others.

To address this and alleviate current tensions surrounding these appointments, it’s suggested that the current Minister of Finance be reassigned to a different ministry, and a cabinet member from one of the other five geopolitical zones be appointed as the new Minister of Finance.

Section 14(3) of the Nigerian constitution emphasizes the importance of reflecting federal character and promoting national unity in government appointments. The central roles played by the CBN and the Ministry of Finance in the Nigerian economy underscore the urgency of diversifying leadership positions in these areas. Therefore, it is expected that the President will take action to ensure a fairer distribution of financial responsibilities and uphold the principles of inclusiveness and national unity outlined in the Constitution.

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