Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele
Federal Government has inaugurated a Ministerial Advisory Committee (MAC) to provide independent strategic advice aimed at strengthening Nigeria’s fiscal and macroeconomic reforms and accelerating inclusive economic growth.
The committee was inaugurated in Abuja on Tuesday July 14 by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele.
According to the Ministry of Finance, the committee comprises professionals drawn from the public and private sectors, academia, finance, industry and development organisations and it is expected to support evidence-based policymaking, improve public financial management and strengthen stakeholder engagement as the government advances key economic reforms.
Speaking at the inauguration, Oyedele said Nigeria had undertaken some of its most significant economic reforms in recent years, including the removal of fuel subsidies, exchange rate liberalisation and ongoing tax reforms.
He noted that while the reforms had contributed to restoring macroeconomic stability, the next phase should focus on translating the gains into tangible benefits for businesses and households.
“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 said.
He added that reforms must continue while ensuring that implementation delivers measurable improvements in the lives of Nigerians.
Oyedele explained that the committee was deliberately constituted as an independent, non-executive advisory body to challenge existing assumptions, identify emerging risks and recommend practical policy solutions without duplicating the responsibilities of existing government institutions.
The committee is chaired by Managing Director and Chief Executive Officer of Sterling Bank, Mr. Abubakar Suleiman, while Dr. Ayo Teriba, Chief Executive Officer of Economic Associates, serves as Vice Chairman. Mr. Idris Belo-Osagie will serve as Secretary.
Other confirmed members include Prof. Uche Uwaleke, President of the Capital Market Academics of Nigeria, and Director-General of the Lagos Chamber of Commerce and Industry, Mrs. Chinyere Almona.
The Ministry said members of the committee, who are serving on a pro bono basis, include economists, financial experts, business leaders, public policy professionals, academics and representatives of major private sector institutions.
Under its terms of reference, the committee will advise the government on macroeconomic strategy, fiscal policy, government efficiency, productivity, stakeholder engagement, fiscal governance and public communication.
It is also expected to produce periodic fiscal risk assessments, policy recommendations and early-warning analyses to support government decision-making.
Speaking on behalf of the committee, Chairman Abubakar Suleiman said members would provide honest and evidence-based counsel to support the government’s reform agenda.
“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 said.
The Ministry of Finance said the establishment of the committee underscores the government’s commitment to institutionalising evidence-based policymaking and strengthening collaboration with the private sector, academia and development partners to sustain Nigeria’s economic reform momentum.
The committee is expected to commence work immediately, providing periodic assessments and recommendations to support ongoing tax reforms, fiscal consolidation and broader macroeconomic stability initiatives.
