President Bola Tinubu has nominated Mr Olawale Edun Oyedele as Minister of Finance, Budget and National Planning, the Presidency announced on Monday.

The Minister of Finance, Budget and National Planning is a key member of the Federal Executive Council responsible for fiscal policy, budgetary oversight and economic planning in Nigeria.

Changes in this portfolio can influence government revenue projections, expenditure frameworks and coordination with international financial partners.

Nominations for ministers require confirmation by the Senate before the appointee can assume office.

In a statement signed by the Presidential spokesperson, the Presidency said Mr Oyedele was nominated for the position following the resignation of the previous minister.

The statement said Oyedele is expected to appear before the Senate for screening and confirmation in line with constitutional requirements for ministerial appointments.

Mr Oyedele previously served as Director-General of the Budget Office of the Federation. He has also held senior positions in financial and economic institutions, according to the Presidency’s announcement.

The release did not state a specific date for Senate screening.

Following the nomination, Mr Oyedele will be expected to attend Senate committee hearings as part of the confirmation process, after which the full Senate will vote on his appointment.

Confirmation is required before he can be sworn in and assume responsibilities as Finance Minister.