Prime Minister Juha Sipilä has described the collapse of his government over its failed social and health care reform package, "sote", "a major disappointment".
"I am accepting [the government's resignation]", Niinisto said during a brief conversation with Sipila, as aired by the MTV3 broadcaster.
Sipila tendered in the resignation letter of his government to President Sauli Niinisto on Friday, March 8.
The announcement came just few weeks ahead of the country's legislative elections scheduled for Sunday, April 14. In 2017, as a result of an internal party split, the True Finns went into opposition, and the Blue Future, which had separated from them, retained cabinet positions.
"The social welfare and healthcare reform was one of our government's most important objectives", Sipila said at a press conference.
A former businessman who earned millions as an IT entrepreneur before becoming prime minister in 2015, Sipila considered the shake-up as key to cutting the ballooning costs of treating a rapidly ageing population.
"Prime Minister Sipila will request his resignation because the health care reform can not be accomplished during this government term", Antti Kaikkonen wrote on Twitter.
Sipila's decision is also an admission that the government was unable to rally enough support to push its pro-market reforms through parliament. "I am a man of principle and in politics you have to carry responsibility", Sipila told reporters, adding: "I am taking my share of responsibility".
The planned health care reform was meant to tackle an aging population and reduce public spending by 3 billion euros ($3.4 billions) by 2029.
The healthcare reform plan aimed at making regional governments to take over provision of care from local municipalities.