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, with a focus on translating government policies into tangible improvements in the lives of citizens.
Speaking at the inauguration in Abuja, Oyedele said the high-level committee, made up of experts from the public and private sectors, academia, finance, industry and development organisations, would provide independent, evidence-based advice to support government decision-making and accelerate economic reforms.
He noted that while recent reforms, including the removal of fuel subsidy, foreign exchange reforms and tax restructuring, have helped stabilise the economy, the priority is now to ensure that the benefits reach businesses, households and communities across the country.
According to the minister, the committee will help strengthen public financial management, improve stakeholder engagement, identify emerging economic risks and recommend practical solutions to boost 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.
Oyedele explained that the advisory body would operate independently and would not duplicate the functions of existing government institutions. Instead, it would provide objective assessments, challenge policy assumptions and offer innovative ideas to improve implementation.
He also said the committee would serve as a bridge between government, the organised private sector, academia and development partners, ensuring that economic policies benefit from broad expertise and global best practices adapted to Nigeria’s realities.
The committee is chaired by Mr. Abubakar Sulaiman, with Dr. Ayo Teriba serving as Vice Chairman and Idris Belo-Osagie as Secretary. Members, comprising economists, financial experts, business leaders and public policy professionals, will serve on a voluntary basis.
Responding on behalf of the committee, Sulaiman pledged to provide objective and evidence-based advice aimed at supporting the government’s reform agenda.
He said the committee would challenge conventional thinking, promote rigorous policy debate and deliver practical recommendations to improve economic outcomes.
Under its mandate, the committee will advise on macroeconomic strategy, fiscal policy, public financial management, government efficiency, stakeholder engagement and public communication. It will also produce fiscal risk assessments, policy recommendations, impact evaluations and early warning reports to support timely government decisions.
The Ministry of Finance said the establishment of the committee underscores the Federal Government’s commitment to institutionalising evidence-based policymaking, strengthening collaboration with key stakeholders and sustaining reforms needed to achieve long-term economic growth, fiscal stability and shared prosperity.
