FG inaugurates Ministerial Advisory Committee to strengthen economic reforms

The Federal Government has inaugurated a 15-member Ministerial Advisory Committee to strengthen economic policymaking, improve policy coordination, and accelerate the implementation of ongoing fiscal and economic reforms. The committee was inaugurated on Tuesday in Abuja by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele.

Committee composition and mandate

The committee is chaired by the Managing Director of Sterling Bank, Mr. Abubakar Suleiman, and comprises leading economists, business executives, policy experts, and private sector stakeholders. Speaking during the inauguration, Oyedele said the committee was established to provide independent, evidence-based advice that would help government anticipate risks, improve policy execution, and ensure that economic reforms deliver tangible benefits to citizens.

According to him, Nigeria's economic challenges require broader perspectives beyond those available within government institutions. "Nigeria's economic landscape is intricate, and our fiscal space is constrained. Every policy lever we pull affects multiple stakeholders in ways that are not always predictable," he said.

"This committee exists to provide independent, evidence-based and constructive external counsel. We need you to think through the second and third-order effects of our policies, identify vulnerabilities and risks before they become crises, bring international best practices into our decision-making, and tell us how our reforms are actually affecting factories, shops and communities so that we can make adjustments where necessary."

The minister stressed that the committee would serve strictly in an advisory capacity and would not assume executive responsibilities or duplicate the functions of existing government institutions. "Your role is simply to advise. Your independent perspective will strengthen our decisions and help us remain focused on achieving results," he added.

Four key focus areas

Oyedele outlined four key areas that will guide the committee's work. The first is economic policy advisory, where members will provide data-driven recommendations to support economic growth, job creation, productivity improvements, and enhanced government revenue generation.

The second area focuses on public financial management, with emphasis on strengthening fiscal discipline through improved revenue mobilisation, better expenditure management, responsible borrowing, and greater transparency. The third pillar is economic coordination, aimed at improving collaboration among ministries, government agencies, state governments, and private sector stakeholders to ensure effective implementation of reforms. The fourth area centres on ensuring that economic reforms translate into measurable improvements in living standards and deliver tangible outcomes for Nigerians.

Committee pledges practical recommendations

Responding on behalf of the committee, Chairman Abubakar Suleiman assured the minister that members would focus on providing actionable recommendations rather than producing lengthy reports. He noted that government officials are often consumed by day-to-day responsibilities, leaving limited room for deeper reflection on emerging economic issues.

"Our job is to free you to continue running this ministry and coordinating the economy while we take time to think about issues that may not yet be on the table," Suleiman said. "We will not come to you with advice on things you already know or recommendations your team has already considered. We will try to hear what Nigerians are really saying, where they are truly feeling the pain, which policies are working, and then bring that back to you in a way that the government can use."

Committee members

Members of the advisory committee include prominent figures from academia, industry, and the financial sector. They are Dr. Ayo Teriba, Chief Executive Officer of Economic Associates; Prof. Uche Uwaleke, President of the Institute of Capital Market Studies; Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry; Vincent Nwani, Managing Director of Preston Consults Limited; Segun Oloketuyi, Chairman of Chams Holding Company Plc; and Jide Adeola, Co-Founder of Avante Consultants and Advisors Limited.

Other members are Dimeji Salaudeen, KPMG Africa Practice Lead; Damilola Akinbami, Chief Economist for Deloitte West Africa; Idris Belo-Osagie, Special Adviser on Economic Strategy to the Minister of Finance; Engr. Jani Ibrahim, National President of NACCIMA; Segun Ajayi-Kadri, Director-General of the Manufacturers Association of Nigeria; Prof. Joseph Nnanna, Chief Economist of the Development Bank of Nigeria; Dr. Suleyman Ndanusa, Independent Non-Executive Director at the Nigeria Sovereign Investment Authority; and Dr. Baba Yusuf Musa, President of the Nigerian Economic Society.

The committee is expected to support the government's efforts to sustain economic reforms, strengthen fiscal management, and drive inclusive economic growth.