The Federal Government on Tuesday inaugurated a Ministerial Advisory Committee comprising economists, public finance experts and private sector leaders to strengthen economic policymaking and accelerate the implementation of ongoing fiscal reforms.
Naija News reports that members of the committee include the Managing Director of Sterling Bank, Abubakar Suleiman; the Chief Executive Officer of Economic Associates, Dr Ayo Teriba; the President of the Capital Market Academics of Nigeria, Prof Uche Uwaleke; and the Director-General of the Lagos Chamber of Commerce and Industry, Chinyere Almona, among others.
Speaking during the inauguration in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, described the committee as a strategic public-private partnership established to bridge the gap between policy formulation and implementation.
He said the advisory body would provide independent, evidence-based advice to support government decision-making and ensure that ongoing economic reforms translate into measurable improvements in the lives of Nigerians.
According to the minister, the administration has undertaken major reforms, including the removal of fuel subsidy, the unification of the foreign exchange market and the implementation of comprehensive tax reforms to restore fiscal sustainability.
He added that the government’s priority was to ensure the reforms deliver tangible outcomes through job creation, lower inflation, improved business confidence and higher living standards.
“The committee will serve as a bridge between policy design and implementation by providing practical, evidence-based recommendations that strengthen government decisions and anticipate emerging economic risks,” Oyedele said.
He stressed that the committee would neither exercise executive authority nor replace existing statutory institutions but would support the ministry by providing objective analysis and practical policy options.
Oyedele charged members with assessing the impact of government policies on businesses and households and recommending timely adjustments where necessary.
He said the committee would focus on economic policy, public financial management, economic coordination and strategies to ensure reforms produce tangible national outcomes.
The Minister reiterated the federal government’s target of achieving annual economic growth of seven per cent and building a $1tn economy by 2030, noting that the goal would require innovative thinking, stronger institutions and closer collaboration between the public and private sectors.
He commended members for accepting to serve on a pro bono basis, describing their decision as an act of patriotism, and assured them that their recommendations would directly inform ministerial decisions and presidential policy direction.
Oyedele also urged the members to remain objective, challenge conventional assumptions and base their recommendations on credible evidence rather than political considerations.
He encouraged them to engage businesses, manufacturers and citizens to ensure government policies reflect economic realities across the country.
Earlier, the Permanent Secretary of the Federal Ministry of Finance, Raymond Omachi, described the committee as a strategic platform for evidence-based economic policymaking.
Omachi said the advisory body comprised economists, public finance specialists, governance professionals, development experts and private sector representatives who would provide strategic advice on fiscal reforms, government efficiency, stakeholder engagement and economic coordination.
According to him, the committee would support efforts to strengthen fiscal sustainability, improve public confidence and advance Nigeria’s economic transformation agenda.
He congratulated members on their appointment and thanked them for offering their expertise in service to the nation.
Speaking on behalf of the committee, its chairman, Abubakar Suleiman, pledged that members would prioritise practical and implementable recommendations.
Suleiman said the committee understood its mandate and would deploy its expertise to develop timely policy solutions capable of supporting the country’s economic management.
“We will not waste government’s time with impractical recommendations. Our focus will be on understanding the realities on the ground and providing actionable advice that can deliver measurable economic benefits,” he said.
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