The federal government has established a high-level Ministerial Advisory Committee (MAC) to provide strategic guidance on Nigeria’s fiscal and macroeconomic reforms.
This comes as the government seeks to accelerate implementation and ensure that the benefits of ongoing policies reach businesses and households.
The committee was inaugurated on Tuesday in Abuja by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
It comprises professionals from the public and private sectors, academia, finance, industry, and development.
It is expected to provide independent, evidence-based advice to strengthen policymaking, improve public financial management, and enhance economic competitiveness.
Speaking at the inauguration, Oyedele said Nigeria had undertaken some of its most significant economic reforms in recent years, including the removal of the fuel subsidy, exchange rate reforms, and a comprehensive tax overhaul.
According to him, while the reforms have restored macroeconomic stability and strengthened the foundations of the economy, the next phase should focus on effective implementation and ensuring that the gains are felt across the country.
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“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,” Oyedele said.
He said the committee was deliberately established as an independent, external, and non-executive advisory body to provide objective advice without duplicating the responsibilities of existing government institutions.
He said its role would include challenging assumptions, identifying emerging risks, evaluating policy options, and recommending practical solutions to strengthen fiscal sustainability and economic competitiveness.
Oyedele also said the committee would serve as a bridge between government, the organised private sector, academia, and development partners, allowing policy decisions to benefit from wider expertise and international best practices tailored to Nigeria’s circumstances.
The Ministerial Advisory Committee is chaired by Mr Abubakar Sulaiman, while Dr Ayo Teriba serves as vice chairman and Idris Belo-Osagie as secretary.
Its members include economists, financial experts, business leaders, academics, public policy professionals, and representatives of key private sector institutions, adding that they will serve voluntarily.
Speaking on behalf of the committee, the chairman, Sulaiman, pledged to provide objective and evidence-based advice to support the government’s economic agenda.
“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.
“We recognise that he values rigorous debate over praise, and we will discharge our responsibility with courage, professionalism, and integrity. We are equally committed to matching the minister’s sense of urgency and execution focus as we collectively work towards delivering meaningful outcomes for the Nigerian economy,” he said.
Under its terms of reference, the committee will advise the government on economic policy, public financial management, economic coordination, and ministers’ strategies to translate reforms into measurable outcomes.
Its responsibilities include providing advice on macroeconomic strategy, fiscal policy, productivity, fiscal governance, government efficiency, accountability, stakeholder engagement, and public communication.
It will also prepare periodic fiscal risk assessments, policy recommendations, stakeholder impact assessments, and early warning analyses to support government decision-making.
The ministry added that the establishment of the committee reflects the federal government’s commitment to institutionalising evidence-based policymaking, strengthening collaboration with the private sector, and sustaining reforms aimed at achieving economic growth, fiscal stability, and shared prosperity.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X