The Federal Government has inaugurated a Ministerial Advisory Committee (MAC) comprising prominent economists, public finance experts and private sector leaders, including Managing Director of Sterling Bank, Abubakar Suleiman; Chief Executive Officer, Economic Associates, Dr Ayo Teriba; 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.
The committee is charged with the responsibilities to strengthen economic policymaking and accelerate the implementation of ongoing fiscal reforms.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele inaugurated the committee in Abuja on Tuesday, describing it as a strategic public-private partnership designed to bridge the gap between policy formulation and implementation.
Oyedele said the committee would provide independent, evidence-based advice to support government decision-making and ensure that economic reforms translate into measurable improvements in the lives of Nigerians.
He noted that the administration had undertaken bold reforms, including the removal of fuel subsidy, the unification of the foreign exchange market and the implementation of comprehensive tax reforms, all aimed at restoring fiscal sustainability.
According to the minister, the government’s focus is now on ensuring that 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,” he said.
Oyedele emphasised that the advisory committee would not exercise executive authority or replace existing statutory institutions but would support the ministry by offering objective analysis and practical policy options.
He charged members to critically assess the impact of government policies on businesses and households and recommend timely adjustments where necessary.
The minister said the committee’s work would cover economic policy, public financial management, economic coordination and strategies to ensure reforms produce tangible national outcomes.
Reaffirming the government’s ambition of achieving annual economic growth of seven per cent and building a $1tn economy by 2030, he said the target would require innovative thinking, stronger institutions and deeper collaboration between government and the private sector.
He commended members for accepting to serve on a pro-bono basis, describing their willingness 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 with businesses, manufacturers and citizens to ensure government policies reflect economic realities across the country.
Earlier, the Permanent Secretary of the Federal Ministry of Finance, Mr Raymond Omachi, described the committee as a strategic platform for evidence-based economic policymaking.
He 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 Omachi, the committee will 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 focus on delivering practical and implementable recommendations rather than theoretical reports.
Suleiman said the committee understood its mandate and would devote its expertise to generating 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.
