The Federal Government has inaugurated a Ministerial Advisory Committee (MAC) to provide strategic guidance on Nigeria’s fiscal and macroeconomic reforms, as it seeks to accelerate implementation and ensure the benefits of ongoing economic policies reach businesses, households and communities across the country.

The inauguration was conducted in Abuja on Tuesday by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, who announced the development in a statement posted on his official X handle.

Speaking at the inauguration held at the Federal Ministry of Finance headquarters, Oyedele said the high-level committee was established to strengthen evidence-based policymaking, improve public financial management, deepen stakeholder engagement and support the effective implementation of the government’s economic reform agenda.

According to the minister, Nigeria has already undertaken some of its most significant economic reforms in recent history, including the removal of fuel subsidy, exchange rate reforms and a comprehensive tax overhaul.

He said: “Nigeria has undertaken some of its most significant economic reforms in recent history, including the removal of fuel subsidy, exchange rate reforms, and comprehensive tax overhaul. 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.”

Oyedele explained that the committee was deliberately constituted as an independent, external and non-executive advisory body that would provide objective counsel and fresh perspectives without duplicating the responsibilities of existing government institutions.

“Its role is to support decision-making by challenging assumptions, identifying emerging risks, evaluating policy options, and recommending practical solutions that strengthen fiscal sustainability and economic competitiveness,” he said.

Charging members to discharge their responsibilities with integrity and patriotism, the minister said the committee’s work would help lay the foundation for a stronger economy.

“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 added that the committee would also serve as a bridge between government, the organised private sector, academia and development partners.

“The Committee will serve as an important bridge between government, the organised private sector, academia, and development partners, ensuring that policy formulation continues to benefit from broad-based expertise, constructive feedback, and international best practices adapted to Nigeria’s unique circumstances,” he said.

The Ministerial Advisory Committee is chaired by Abubakar Sulaiman, while Dr Ayo Teriba will serve as vice chairman and Idris Belo-Osagie as secretary. The committee comprises economists, financial experts, business leaders, public policy professionals, academics and representatives of key private sector institutions, all serving on a pro bono basis.

During the inauguration, members were described as accomplished professionals with extensive expertise spanning public finance, banking, manufacturing, industry, energy, development finance, academia and organised business. They were commended for offering their services voluntarily in support of national development.

Responding on behalf of the committee, Chairman Abubakar Sulaiman pledged the members’ commitment to providing objective, 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. We recognise that he values rigorous debate over praise, and we will discharge our responsibility with courage, professionalism and integrity,” Sulaiman said.

“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 added.

According to the ministry, the committee will advise government across four key areas—economic policy advisory, public financial management, economic coordination and translating reforms into measurable results.

Its responsibilities will include providing advice on macroeconomic strategy, fiscal policy, productivity and growth, fiscal governance, government efficiency, accountability, stakeholder engagement and public communication. The committee will also prepare periodic fiscal risk assessments, policy recommendations, stakeholder impact assessments and early warning analyses to support timely government decision-making.

The Ministry of Finance said the establishment of the committee underscores the government’s commitment to institutionalising evidence-based policymaking, strengthening collaboration with the private sector and other stakeholders, and sustaining reforms aimed at achieving long-term economic growth, fiscal stability and shared prosperity. (Arise News)

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