FG inaugurates ministerial advisory committee to drive economic reforms

The federal government has inaugurated a Ministerial Advisory Committee (MAC) to provide independent expert advice on Nigeria’s fiscal and macroeconomic reforms, as it seeks to deepen ongoing economic reforms and accelerate inclusive growth.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, inaugurated the committee in Abuja on Tuesday, describing it as a strategic platform to strengthen evidence-based policymaking, improve public financial management and ensure that economic reforms translate into tangible benefits for Nigerians.

Oyedele said Nigeria had undertaken some of its most significant economic reforms in recent years, including the removal of fuel subsidy, exchange rate reforms and a comprehensive tax overhaul.

According to him, while the reforms have restored macroeconomic stability and strengthened the economy’s foundations, the focus must now shift to implementation and ensuring that households, businesses and communities experience their benefits.

“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,” the minister said.

He explained that the advisory committee was deliberately established as an independent, non-executive body to provide objective advice, challenge policy assumptions, identify emerging risks and recommend practical solutions to improve fiscal sustainability and economic competitiveness.

Oyedele also said the committee would serve as a bridge between government, the private sector, academia and development partners, allowing policymaking to benefit from wider expertise and international best practices tailored to Nigeria’s needs.

He urged members to carry out their responsibilities with integrity, intellectual independence, patriotism and commitment to the country’s long-term development.