The Federal Government has launched a new Ministerial Advisory Committee to help improve Nigeria’s economic policies and ensure that ongoing reforms produce real benefits for citizens.
The committee was officially inaugurated on Tuesday at the Federal Ministry of Finance in Abuja by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele.
Speaking during the event, Oyedele said the committee would provide independent, evidence-based advice to support government decisions and strengthen economic planning. According to him, the goal is to ensure that recent reforms lead to better living conditions, more jobs, stable prices and stronger economic growth.
He explained that the committee represents a new approach where experts from outside government will work closely with policymakers. He described it as a “public-policy-private partnership” that will improve the quality of government decisions through research, data and practical recommendations.
Oyedele noted that President Bola Tinubu’s administration has introduced major economic reforms over the past three years. These include the removal of petrol subsidies, the unification of the foreign exchange market and comprehensive tax reforms. While admitting that these policies have created short-term challenges for many Nigerians, he insisted they were necessary to build a stronger and more sustainable economy.
According to the minister, the government’s focus is now shifting from introducing reforms to delivering visible results. He said success should not only be measured by policies announced or economic statistics but by improvements in the daily lives of Nigerians.
He stressed that real progress would be seen through job creation, lower inflation, a more stable naira, increased business investments and better opportunities for families across the country.
Oyedele clarified that the advisory committee would not replace any government agency or make executive decisions. Instead, its responsibility is to provide honest, independent advice, identify possible risks before they become major problems and recommend global best practices that can improve policymaking.
He encouraged members to challenge government assumptions, offer practical solutions and avoid recommendations that only sound good on paper without making a real difference.
The committee will focus on four key areas: economic policy advice, public financial management, better coordination of government policies and ensuring reforms produce measurable results. It will also advise on revenue generation, responsible government spending, transparent financial reporting and sustainable borrowing.
The minister revealed that Nigeria is targeting seven per cent annual economic growth and hopes to build a one trillion-dollar economy by 2030. He said achieving this goal would require fresh ideas, innovation, effective collaboration and strong partnerships between government and the private sector.
Oyedele also assured committee members that their recommendations would be taken seriously and would directly influence decisions made by the ministry and advice presented to President Tinubu.
Responding on behalf of the committee, its chairman and Managing Director of Sterling Bank, Abubakar Suleiman, promised that members would focus on practical and workable solutions rather than producing lengthy reports.
He said the committee would carefully listen to the concerns of businesses, farmers and ordinary Nigerians to understand how government policies affect them. Their findings, he added, would help government make better decisions that improve people’s lives.
Earlier, the Permanent Secretary of the Federal Ministry of Finance, Raymond Omachi, described the committee as an important platform for evidence-based policymaking. He said it brings together economists, financial experts, governance professionals, development specialists and private sector representatives to support Nigeria’s efforts to strengthen the economy, improve public confidence and achieve long-term national development.
