FG Unveils Ministerial Advisory Committee To Turn Economic Reforms Into Tangible Results For Nigerians

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Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has inaugurated a Ministerial Advisory Committee to provide independent, evidence-based policy advice aimed at translating Nigeria’s ongoing economic reforms into measurable improvements in the lives of citizens.

Speaking Tuesday at the inauguration ceremony in Abuja, Oyedele said the committee represents a new approach to governance anchored on what he described as a “public policy-private partnership,” designed to strengthen economic decision-making through collaboration between government and experts from the private sector, academia and other professional fields.

According to him, the administration of President Bola Ahmed Tinubu has implemented some of the country’s most significant economic reforms over the past three years, including the removal of fuel subsidy, the unification of the foreign exchange market and comprehensive tax reforms. He said while the reforms were difficult, they were necessary to place Nigeria on a sustainable fiscal path.

“We want to move from reform to results,” Oyedele said. “It is one thing to make sound policy decisions; it is quite another to translate those decisions into outcomes that ordinary Nigerians can feel.”

He stressed that the success of economic reforms should not be measured by the number of policies introduced or improvements in macroeconomic indicators alone, but by practical outcomes such as job creation, declining inflation, exchange rate stability, increased business investment and improvements in citizens’ welfare.

“The true measure of reform is the number of jobs created, inflation declining, the naira stabilising, businesses investing with confidence and the number of lives improved. That is why this committee has been established,” he stated.

The minister explained that Nigeria’s complex economic environment requires policies to be subjected to rigorous analysis before implementation, noting that government decisions often produce unintended consequences if not carefully evaluated.

He said the committee would provide independent external advice capable of identifying policy risks, analysing second and third-order effects of reforms, introducing global best practices and assessing how government policies are impacting businesses and communities across the country.

“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 before they become crises and help us understand whether our reforms are actually reaching factories, markets and communities,” he said.

Oyedele clarified that the advisory committee would not exercise executive authority or duplicate the statutory responsibilities of existing government institutions, but would serve strictly as an advisory body whose recommendations would inform ministerial decisions and policy advice to President Tinubu.

He outlined four strategic pillars that will guide the committee’s work.

The first, he said, is economic policy advisory, with emphasis on developing data-driven recommendations to support job creation, productivity growth, revenue optimisation and the administration’s objective of achieving 7 per cent annual real Gross Domestic Product (GDP) growth while building a $1 trillion economy by 2030.

The second pillar focuses on strengthening public financial management through improved fiscal governance, enhanced revenue generation, prudent expenditure management, responsible borrowing and transparent public financial reporting.

The third pillar centres on economic coordination by promoting stronger collaboration among federal ministries, agencies, sub-national governments and the private sector to ensure reforms are effectively implemented.

The fourth pillar, which Oyedele described as “where the rubber meets the road,” is ensuring that reforms produce tangible benefits for businesses and citizens.

“A fiscal reform that looks flawless on paper but fails to improve conditions for Nigerian businesses is not reform; it is disguised bureaucracy,” he said.

The minister challenged members of the committee to remain independent, objective and courageous in discharging their responsibilities.

He urged them to base their recommendations on evidence rather than political considerations, challenge existing assumptions where necessary and present honest assessments even when they may be uncomfortable for government.

“We do not need this committee to validate what we have already decided. We need you to challenge our assumptions, point out the trade-offs we may be overlooking and tell us the truth we may not want to hear. Fact-based disagreement is not a weakness; it is an advantage,” he stated.

Oyedele also encouraged the committee to simplify complex economic issues into practical recommendations that can be understood and implemented effectively.

He further urged members to maintain close engagement with manufacturers, exporters, entrepreneurs and ordinary Nigerians to ensure government policies respond to real economic challenges rather than theoretical assumptions.

He reiterated that government alone cannot deliver sustainable economic transformation, calling on the organised private sector to complement government efforts through investment, innovation, job creation and enterprise development.

“The government’s role is to clear the path by creating predictable policies, macroeconomic stability and a functioning rule of law. The rest depends on your investment, your hiring and your willingness to take risks,” he added.
Earlier, Permanent Secretary of the Federal Ministry of Finance, Raymond Omenka Omachi, described the inauguration of the committee as a significant step towards strengthening fiscal governance and enriching economic policymaking through informed external engagement.

He said Nigeria’s economic challenges require not only capable public institutions but also the collective expertise of accomplished professionals drawn from diverse sectors.

According to him, the advisory committee comprises economists, public finance experts, development practitioners, governance professionals and business leaders whose experience will provide strategic guidance on fiscal reforms, public financial management, government efficiency, stakeholder engagement and economic coordination.
Omachi noted that the committee would also support efforts to translate ongoing economic reforms into measurable improvements in the lives of Nigerians while enhancing public confidence in government’s reform agenda.

Following the inauguration, members of the committee took the oath of office, pledging to discharge their responsibilities faithfully, uphold the highest standards of integrity and professionalism, avoid conflicts of interest, maintain confidentiality and provide objective and independent advice in the national interest.