The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has inaugurated a Ministerial Advisory Committee (MAC) to strengthen Nigeria’s fiscal and macroeconomic reforms.
The committee will provide independent advice to government and help ensure that economic policies translate into tangible improvements in the lives of Nigerians.
Oyedele inaugurated the committee in Abuja. He said its members would support government decision-making with evidence-based recommendations and practical policy solutions.
The committee comprises experts from the public and private sectors, academia, finance, industry and development organisations.
Committee to strengthen reforms
According to the minister, recent reforms have helped stabilise Nigeria’s economy. He cited the removal of fuel subsidy, foreign exchange reforms and tax restructuring as key examples.
He said the government’s immediate priority is to ensure the benefits of those reforms reach businesses, households and communities across the country.
Oyedele explained that the committee would strengthen public financial management and improve stakeholder engagement.
It will also identify emerging economic risks and recommend practical measures that improve fiscal sustainability, productivity and national competitiveness.
“The task before us is not only to manage current economic challenges but to build strong institutions capable of supporting a resilient and globally competitive economy while delivering real improvements in the daily lives of Nigerians,” he said.
Independent advisory role
Oyedele said the committee would operate independently. He stressed that it would not duplicate the responsibilities of existing government institutions.
Instead, members will provide objective assessments of government policies and challenge existing assumptions where necessary.
They will also generate innovative ideas that can improve policy implementation and strengthen economic governance.
According to the minister, the committee will serve as a bridge between government, the organised private sector, academia and development partners.
He said the arrangement would ensure that economic policies benefit from broad expertise and international best practices while reflecting Nigeria’s realities.
Members to serve voluntarily
The Ministerial Advisory Committee is chaired by Abubakar Sulaiman, while Dr. Ayo Teriba serves as Vice Chairman.
Idris Belo-Osagie will serve as Secretary.
The committee also includes economists, financial experts, business leaders and public policy professionals drawn from different sectors.
Oyedele said every member accepted the appointment on a voluntary basis.
Committee outlines priorities
Responding on behalf of the committee, Chairman Abubakar Sulaiman pledged to provide objective and evidence-based advice that would support the Federal Government’s reform agenda.
He said the committee would encourage rigorous policy debate, question conventional thinking and develop practical recommendations capable of improving economic outcomes.
Under its mandate, the committee will advise government on macroeconomic strategy, fiscal policy, public financial management, government efficiency, stakeholder engagement and public communication.
It will also prepare fiscal risk assessments, policy recommendations, impact evaluations and early warning reports. According to Sulaiman, those reports will help government make timely and informed decisions.
Ministry reaffirms commitment
The Ministry of Finance said the establishment of the advisory committee reflects the Federal Government’s commitment to institutionalising evidence-based policymaking.
It added that the initiative would strengthen collaboration with key stakeholders and sustain reforms needed to achieve long-term economic growth.
The ministry also expressed confidence that the committee’s recommendations would support fiscal stability and promote shared prosperity across the country.
