By our Reporter
The Federal Government has inaugurated a high-level Ministerial Advisory Committee (MAC) to provide strategic support for Nigeria’s fiscal and macroeconomic reform agenda as part of efforts to accelerate inclusive economic growth and strengthen public financial management.
The committee was inaugurated on Monday in Abuja by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele.
Speaking during the inauguration, the minister described the committee as a strategic initiative designed to strengthen evidence-based policymaking, improve public financial management, deepen stakeholder engagement and ensure that ongoing economic reforms translate into tangible benefits for Nigerians.
Oyedele noted that the Federal Government had implemented some of the country’s most significant economic reforms in recent years, including the removal of fuel subsidy, exchange rate reforms and a comprehensive tax overhaul.
According to him, while the reforms have helped restore macroeconomic stability and laid a stronger economic foundation, the next phase should focus on effective implementation to improve the lives of businesses, households and communities across the country.
He explained that the committee was deliberately constituted as an independent, external and non-executive advisory body to provide objective advice, challenge existing assumptions, identify emerging risks and recommend practical solutions to enhance 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. We must continue to pursue reforms with courage while ensuring that implementation delivers tangible improvements in the daily lives of our people,” the minister said.
Oyedele also said the committee would serve as a bridge between government, the organised private sector, academia and development partners to ensure that policy formulation benefits from broad-based expertise and international best practices tailored to Nigeria’s unique circumstances.
The Ministerial Advisory Committee is chaired by Mr. Abubakar Sulaiman, with Dr. Ayo Teriba serving as Vice Chairman and Idris Belo-Osagie as Secretary.
Its membership comprises economists, financial experts, business leaders, public policy professionals, academics and representatives of key private sector institutions, all of whom will serve on a pro bono basis.
Responding on behalf of the committee, Chairman Abubakar Sulaiman assured the minister of the members’ commitment to providing objective, evidence-based and professional advice in the national interest.
He said the committee was constituted not to endorse existing government positions but to offer fresh perspectives, challenge conventional thinking and support sound decision-making through rigorous analysis and constructive engagement.
Under its terms of reference, the committee will provide strategic advice on economic policy, public financial management, economic coordination and the implementation of reforms. It will also conduct fiscal risk assessments, stakeholder impact evaluations, early warning analyses and policy reviews to support informed government decisions.
The Federal Ministry of Finance said the establishment of the committee underscores the Federal Government’s commitment to institutionalising evidence-based policymaking, strengthening collaboration with stakeholders and sustaining reforms aimed at achieving fiscal stability, sustainable economic growth and shared prosperity.
