Tinubu Removes Minister Of State For Finance After Mascot Exposed ‘Missing’ ₦1.15tr

Port Harcourt – In a stunning cabinet shake-up that has set tongues wagging across the nation, President Bola Ahmed Tinubu has shown the door to Dr. Doris Uzoka-Anite as Minister of State for Finance, replacing her with renowned tax expert Mr. Taiwo Oyedele. This dramatic move, announced just days ago, is widely seen as a direct fallout from the fiery budget defence session where Honourable Alex Mascot Ikwechegh laid bare the mystery of ₦1.15 trillion in approved but undisbursed capital funds.

The presidential hammer fell on Tuesday, March 3, 2026, exactly one week after Hon. Ikwechegh, the outspoken lawmaker representing Aba North/Aba South Federal Constituency in Abia State, turned the National Assembly’s Appropriation Committee hearing into a courtroom drama. As previously reported by NaijaChoice News, the session exposed how capital projects nationwide were grinding to a halt at zero percent execution, despite massive borrowings and bumper revenues from agencies like the Federal Inland Revenue Service (FIRS) and Nigeria Customs Service.

Armed with damning documents from his role on the House Committee on Aids, Loans, and Debt Management, Hon. Ikwechegh didn’t mince words. He rattled off a list of eye-watering approvals that should have kickstarted Nigeria’s infrastructure boom:

• $1.2 billion for digital infrastructure
• $500 million for economic stimulus
• $500 million for MSME support (approved December 2025)
• $500 million from the African Development Bank (AfDB) for economic governance and energy transition (approved November 2025)
• A fresh executive loan request of $21 million + ¥15 billion + €4 billion
• And the big one: ₦1.15 trillion, representing 30% of the 2025 capital budget, approved but gathering dust.

“Why, with all these funds put together, is the 2024 budget yet to be fully implemented? Why has the 2025 budget only seen 34% funding, mostly on recurrent expenditure?” Ikwechegh thundered during the February 25 hearing. Then, in a moment that left the room in stunned silence, he dropped the bombshell: “I want you to enlighten us on why our capital projects still remain at zero. Talking about our country. This is our country. Are you not in Nigeria? Why the capital of the Nigerian government remains at zero in 2026?“

Finance Minister Wale Edun, caught off guard, pointed fingers at his deputy, Uzoka-Anite, saying she oversaw disbursements. The committee had no choice but to adjourn, summoning her for the next day.

On February 26, Uzoka-Anite appeared but her explanations only fueled the fire. She admitted the ₦1.15 trillion was approved but blamed “pre-disbursement conditions” not met by ministries. Hon. Ikwechegh, sharp as ever, pressed: “Mr. Chairman, can the minister tell this committee which specific ministry met all conditions and still did not receive funding? If none existed, why was ₦1.15 trillion approved when the government knew conditions weren’t met?“

The minister couldn’t name one. The implication was clear: either sloppy approvals or deliberate withholding – both smelling of potential misappropriation.

Speaking to reporters after the grilling, Ikwechegh didn’t hold back: “If this infraction is identified, it means there has been misappropriation of funds—which is a crime.” His words echoed the frustrations of everyday Nigerians, especially in his Aba constituency, a bustling commercial nerve center crying out for better roads, hospitals, and schools.

Fast forward to March 3, and Bayo Onanuga, the President’s Special Adviser on Information and Strategy, dropped the reshuffle bombshell. Uzoka-Anite, who has now hopped to her third portfolio in two years – from Trade and Investment to Finance, and now to Minister of State for Budget and National Planning – was out. In comes Oyedele, the 50-year-old Ondo State native and former Fiscal Policy Partner at PwC, where he led Africa Tax operations for 22 years. As chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Oyedele has been hailed for pushing reforms to boost revenue and simplify taxes. His nomination awaits Senate confirmation, but insiders say it’s a done deal.

While the official statement from Aso Rock villa stayed mum on the hearing, the timeline screams volumes. Political pundits are calling it a rare win for accountability: a rep asks tough questions, a minister fumbles, and boom – she’s reassigned. For Nigerians weary of empty promises, it’s a glimmer of hope that the system can still bite.

But let’s not pop the champagne yet. The reshuffle doesn’t answer the burning question Hon. Ikwechegh raised: Where is the ₦1.15 trillion? With international loans piling up and revenues flowing in, why are capital projects starving? If those funds were approved by the National Assembly but never hit the ground, heads must roll beyond a mere portfolio swap.