The Federal Government has inaugurated a Ministerial Advisory Committee (MAC) to provide strategic counsel to deepen Nigeria’s fiscal and macroeconomic reforms and ensure that the benefits of ongoing policies translate into measurable improvements in Nigerians’ lives.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, inaugurated the committee on Tuesday at the Federal Ministry of Finance headquarters in Abuja.

He described the committee as a strategic initiative designed to strengthen evidence-based policymaking, improve public financial management, deepen stakeholder engagement and support the implementation of the government’s reform agenda.

Oyedele said Nigeria has 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 foundations of the economy, the next phase must focus on implementation and ensure businesses, households and communities begin to feel the impact.

He explained that the committee was deliberately constituted as an independent, external and non-executive advisory body that would provide objective counsel and fresh perspectives without duplicating the work of existing government institutions.

Its role, he said, is to support decision-making by challenging assumptions, identifying emerging risks, evaluating policy options and recommending practical solutions that strengthen fiscal sustainability and economic competitiveness.

Charging members to carry out their assignment with integrity, intellectual independence and patriotism, the minister said: “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.”

Oyedele added that the committee would also serve as a bridge between government, the organised private sector, academia and development partners, ensuring that policymaking benefits from broad expertise, constructive feedback and international best practices adapted to Nigeria’s circumstances.

The committee is chaired by Abubakar Sulaiman, while Dr Ayo Teriba serves as vice chairman and Idris Belo-Osagie as secretary. Its membership comprises economists, financial experts, business leaders, public policy professionals, academics, and representatives of key private-sector institutions.
Members will serve on a pro bono basis, reflecting what the ministry described as their commitment to national development.

During the inauguration, members were recognised for their experience across public finance, economic policy, banking, industry, manufacturing, energy, development finance, academia and organised business.

They were also commended for offering their services voluntarily.

Responding on behalf of the committee, Sulaiman assured the minister of its commitment to providing objective, candid and evidence-based advice in the national interest.

“The minister has assembled this Committee not to affirm existing positions, but to challenge conventional thinking, offer fresh perspectives and provide honest, evidence-based counsel. We recognise that he values rigorous debate over praise, and we will discharge our responsibility with courage, professionalism and integrity. We are equally committed to matching the Minister’s sense of urgency and execution focus as we collectively work towards delivering meaningful outcomes for the Nigerian economy,” he said.

Under its terms of reference, the committee will provide strategic advice on economic policy, public financial management, economic coordination and translating reforms into measurable results.

Its work includes advising on macroeconomic strategy, fiscal policy, productivity and growth, fiscal governance, government efficiency, accountability, stakeholder engagement and public communication. It will also prepare fiscal risk assessments, policy recommendations, stakeholder impact assessments, and early-warning analyses to support government decision-making.

The Federal Ministry of Finance said the committee’s establishment reflects the government’s commitment to institutionalising evidence-based policymaking, strengthening collaboration with the private sector and maintaining the momentum of reforms needed to achieve sustainable economic growth, fiscal stability and shared prosperity.