The Federal Government has inaugurated a high-level Ministerial Advisory Committee (MAC) to support the implementation of ongoing economic reforms and ensure that their benefits translate into improved outcomes for businesses, households and communities across Nigeria.
The committee, inaugurated by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, is expected to provide strategic guidance on fiscal policy, public financial management, economic coordination and measures to convert reforms into measurable results.
Speaking at the inauguration in Abuja, Oyedele said Nigeria had undertaken some of its most significant economic reforms in recent history, including fuel subsidy removal, exchange rate reforms and a comprehensive tax overhaul.
While noting that the reforms had helped restore macroeconomic stability and strengthen the foundations of the economy, the minister said the priority now was accelerating implementation and ensuring Nigerians feel the impact.
“While these reforms have restored macroeconomic stability and strengthened the foundations of the economy, the next phase must focus on accelerating implementation and ensuring that the benefits are felt by businesses, households and communities across the country,” he said.
Oyedele explained that the committee was constituted as an independent, external, non-executive advisory body to provide objective counsel, challenge assumptions, identify emerging risks and recommend practical solutions to strengthen fiscal sustainability and economic competitiveness.
“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,” the Minister pointed out.
The minister added that the committee would serve as a bridge between government, the organised private sector, academia and development partners, allowing policy decisions to benefit from broader expertise and international best practices adapted to Nigeria’s realities.
The committee is chaired by Mr. Abubakar Sulaiman, with Dr. Ayo Teriba as Vice Chairman and Idris Belo-Osagie as Secretary. Its membership comprises economists, financial experts, business leaders, academics and public policy professionals drawn from key sectors of the economy.
Members will serve on a pro bono basis, with the government describing the move as a demonstration of commitment to national development.
Speaking on behalf of the committee, Sulaiman said members would provide independent and 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 disclosed.
The committee’s mandate includes advising on macroeconomic strategy, fiscal governance, productivity and growth, government efficiency, accountability, stakeholder engagement and public communication.
It will also conduct periodic fiscal risk assessments, policy reviews and stakeholder impact assessments to support timely decision-making.
The Federal Ministry of Finance said the initiative reflects the government’s commitment to institutionalising evidence-based policymaking, strengthening collaboration with stakeholders and sustaining reforms aimed at achieving economic growth, fiscal stability and shared prosperity.
Sola Onamodu
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