FG Inaugurates Advisory Committee To Drive Economic Reforms

The Federal Government has inaugurated a Ministerial Advisory Committee (MAC) to provide strategic guidance on Nigeria’s fiscal and macroeconomic reforms, with a focus on strengthening economic growth, public financial management and evidence-based policymaking.

The committee was inaugurated on Tuesday in Abuja by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, who described it as a high-level advisory body comprising experts from the public and private sectors, academia, finance, industry and development.

Oyedele said the committee would support the government’s efforts to translate ongoing economic reforms into tangible benefits for businesses, households and communities.

He noted that recent reforms, including the removal of fuel subsidy, exchange rate reforms and a comprehensive tax overhaul, had helped restore macroeconomic stability but stressed that attention must now shift to effective implementation.

“The work before us is not merely about managing today’s challenges; it is about building the institutional foundations for a stronger, more resilient and globally competitive Nigerian economy. We must continue to pursue reforms with courage while ensuring that implementation delivers tangible improvements in the daily lives of our people,” the minister said.

According to him, the committee will operate as an independent, non-executive advisory body, providing objective advice, assessing policy options, identifying emerging risks and recommending measures to strengthen fiscal sustainability and economic competitiveness without duplicating the roles of existing government institutions.

Oyedele also said the committee would serve as a bridge between government, the private sector, academia and development partners to ensure broader stakeholder engagement and the adoption of international best practices suited to Nigeria.

The committee is chaired by Abubakar Sulaiman, with economist Ayo Teriba as Vice Chairman and Idris Belo-Osagie as Secretary.

Members, drawn from various sectors of the economy, will serve on a voluntary basis.

Speaking on behalf of the committee, Sulaiman pledged to provide independent, evidence-based advice in the national interest.

“The Honourable Minister has assembled this Committee not to affirm existing positions, but to challenge conventional thinking, offer fresh perspectives and provide honest, evidence-based counsel,” he said.

Under its terms of reference, the committee will advise on economic policy, fiscal management, government efficiency, economic coordination and stakeholder engagement.

It is also expected to produce fiscal risk assessments, policy recommendations, stakeholder impact analyses and early warning reports to support government decision-making.

The Ministry of Finance said the establishment of the committee underscores the Federal Government’s commitment to institutionalising evidence-based policymaking, strengthening collaboration with stakeholders and sustaining reforms aimed at achieving long-term economic growth, fiscal stability and shared prosperity.