The Federal Government has inaugurated a Ministerial Advisory Committee (MAC) to provide strategic guidance on Nigeria’s fiscal and macroeconomic reforms as part of efforts to accelerate policy implementation and strengthen economic stability.
The committee was inaugurated on Tuesday in Abuja by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, who announced the development through a statement on his official X account.
Speaking during the inauguration at the Federal Ministry of Finance headquarters, Oyedele said the advisory committee was created to strengthen evidence-based policymaking, improve public financial management, deepen stakeholder engagement, and support the successful implementation of the Federal Government’s economic reform agenda.
According to the minister, Nigeria has already implemented some of its most significant economic reforms in recent history, including the removal of fuel subsidies, exchange rate reforms, and a comprehensive tax overhaul.
He noted that while these reforms have restored macroeconomic stability and strengthened the country’s economic foundation, the next phase should focus on ensuring that the benefits are experienced by businesses, households, and communities nationwide.
Oyedele explained that the committee was deliberately constituted as an independent, external, and non-executive advisory body designed to provide objective recommendations without duplicating the responsibilities of existing government agencies.
According to him, the committee will challenge policy assumptions, identify emerging economic risks, evaluate policy options, and recommend practical solutions aimed at improving fiscal sustainability and enhancing Nigeria’s competitiveness.
The minister urged members to discharge their responsibilities with integrity, professionalism, and patriotism, stressing that their contributions would help build a stronger, more resilient, and globally competitive Nigerian economy.
He also described the committee as an important bridge between government, the organised private sector, academia, and development partners, ensuring that public policies benefit from broad-based expertise, constructive feedback, and international best practices adapted to Nigeria’s unique economic environment.
The Ministerial Advisory Committee is chaired by Abubakar Sulaiman, with Dr. Ayo Teriba serving as Vice Chairman and Idris Belo-Osagie as Secretary.
Its membership comprises respected economists, financial experts, business executives, public policy professionals, academics, and representatives of key private sector institutions who will serve on a pro bono basis.
During the inauguration, members were commended for volunteering their expertise to support national development across sectors including public finance, banking, manufacturing, industry, energy, development finance, academia, and organised business.
Responding on behalf of the committee, Chairman Abubakar Sulaiman assured the government of the committee’s commitment to delivering objective, evidence-based advice in Nigeria’s national interest.
He said the committee was established not to endorse existing government positions but to challenge conventional thinking, offer fresh perspectives, and provide honest professional counsel.
Sulaiman added that members would match the government’s urgency in implementing reforms that deliver meaningful outcomes for the Nigerian economy.
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According to the Ministry of Finance, the committee will advise the government in four major areas: economic policy advisory, public financial management, economic coordination, and translating reforms into measurable outcomes.
Its responsibilities include providing recommendations on macroeconomic strategy, fiscal policy, productivity, economic 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 Federal Ministry of Finance said the establishment of the Ministerial Advisory Committee demonstrates the government’s commitment to institutionalising evidence-based policymaking, strengthening collaboration with the private sector and development partners, and sustaining reforms aimed at achieving long-term economic growth, fiscal stability, and shared prosperity.