Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele has inaugurated a Ministerial Advisory Committee (MAC), an independent body of distinguished economists, business leaders, development experts and private sector representatives established to provide strategic advice that will strengthen economic policy formulation and accelerate the delivery of ongoing reforms.
Inaugurating the Committee on Tuesday,July 14th ,2026 at the Federal Ministry of Finance Headquarters, Abuja, the Minister said the initiative marks a deliberate shift towards a more inclusive, evidence based and results driven economic governance.
Oyedele noted that the Committee is not another layer of bureaucracy but a platform that brings together government and the private sector in what he described as a Public Policy Private Partnership, designed to ensure that policies are informed by practical experience, rigorous analysis and continuous engagement with stakeholders.
He also noted that while the Federal Government has implemented far reaching reforms over the past three years, including the removal of fuel subsidies, exchange rate unification and comprehensive tax reforms, the next phase must focus on ensuring that these policies translate into tangible improvements in the lives of Nigerians.
“The true measure of reform is not the number of policies introduced or the strength of macroeconomic indicators. It is whether more jobs are created, businesses expand with confidence, inflation declines, the naira remains stable and the quality of life improves for ordinary Nigerians,” the Minister stated.
Oyedele explained that the Committee would provide independent, objective and evidence based advice on critical economic and fiscal issues while helping government anticipate risks, evaluate policy outcomes and strengthen economic coordination across institutions.
He said that the Committee’s work will be driven by four broad areas namely economic policy advisory, public financial management, economic coordination and ensuring that fiscal reforms deliver measurable benefits for businesses, households and the wider economy.
The Minister stated that members are expected to challenge assumptions, examine the wider implications of policy decisions and bring global best practices to bear on Nigeria’s economic management.
He further emphasised that the Committee would serve strictly in an advisory capacity, assuring members that their recommendations would receive serious consideration and contribute directly to ministerial decision making.
Charging members to approach their assignment with courage and objectivity, Mr. Oyedele urged them to remain connected to the realities facing businesses and citizens across the country.
He stressed the importance of translating complex economic issues into practical policy options that can improve productivity, support enterprise and enhance the ease of doing business.
The Minister also reaffirmed that government alone cannot deliver sustainable economic transformation, noting that meaningful progress requires strong collaboration with the organised private sector, development partners and other stakeholders.
Earlier in his welcome address, the Permanent Secretary, Federal Ministry of Finance, Mr. Raymond Omachi, described the inauguration as an important milestone in the Ministry’s efforts to strengthen fiscal governance through informed external engagement.
He said that the Committee brings together accomplished professionals with extensive expertise in economics, public finance, governance and business whose collective experience will enrich policy development and implementation.
According to the Permanent Secretary, the Committee will provide strategic advice on macroeconomic policy, fiscal reforms, public financial management, stakeholder engagement and economic coordination while supporting the effective implementation of reforms across government.
He expressed confidence that the Committee’s work would strengthen fiscal sustainability, improve government efficiency and reinforce public confidence in Nigeria’s economic reform programme.
The Terms of Reference of the Committee mandate it to provide strategic policy advice on fiscal and macroeconomic issues, assess the impact of major reforms, identify emerging fiscal risks and opportunities, promote stronger public financial management, enhance coordination across government and support the effective implementation of economic reforms.
The Committee will also recommend measures to improve government efficiency, strengthen transparency and accountability, promote investment, improve the ease of doing business and ensure that ongoing reforms deliver measurable benefits to Nigerians.
The Minister congratulated members on their appointment and expressed appreciation for their willingness to serve the nation on a pro bono basis, describing their acceptance as a demonstration of patriotism and commitment to Nigeria’s economic future.
Efe Ovuakporie
Head, Information & PR Unit
15 July 2026
