FG inaugurates advisory Committee to Consolidate economic reforms
The Federal Government on Tuesday inaugurated an Advisory Committee to provide independent, evidence-based policy advice aimed at ensuring that ongoing economic reforms translate into tangible improvements in the lives of Nigerians.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, while inaugurating the committee described the initiative as a new governance approach built on a “public policy-private partnership,” bringing together experts from the private sector, academia and other professional fields to strengthen economic decision-making.
He said the administration of President Bola Ahmed Tinubu had implemented some of Nigeria’s most significant economic reforms over the past three years, including the removal of fuel subsidy, the unification of the foreign exchange market and comprehensive tax reforms.
While acknowledging the difficult nature of the reforms, the minister said they were necessary to place the country on a sustainable fiscal path, adding that the government’s priority had shifted from implementing reforms to delivering measurable benefits for citizens.
“We want to move from reform to results,” Oyedele said, stressing that the success of government policies should be measured not only by improved macroeconomic indicators but also by practical outcomes such as job creation, lower inflation, exchange rate stability, increased business investment and improved living standards.
“The true measure of reform is the number of jobs created, inflation declining, the naira stabilising, businesses investing with confidence and the number of lives improved,” he stated.
According to the minister, the complexity of Nigeria’s economy requires rigorous policy analysis to minimise unintended consequences before major decisions are implemented.
He explained that the advisory committee would provide independent external counsel by identifying policy risks, analysing the second and third-order effects of reforms, introducing global best practices and assessing how government policies impact businesses and communities.
“This committee exists to provide independent, evidence-based and constructive external counsel. We need you to think through the second and third-order effects of our policies, identify vulnerabilities before they become crises and help us understand whether our reforms are actually reaching factories, markets and communities,” Oyedele said.
He clarified that the committee would serve strictly in an advisory capacity without exercising executive authority or duplicating the functions of existing government institutions. Its recommendations, he noted, would inform ministerial decisions and policy advice to President Tinubu.
The minister outlined four strategic priorities for the committee, including providing data-driven policy advice to support job creation, productivity growth, revenue optimisation and the administration’s target of achieving seven per cent annual real Gross Domestic Product (GDP) growth while building a $1 trillion economy by 2030.
Other priorities include strengthening public financial management through improved fiscal governance, enhanced revenue mobilisation, prudent expenditure management and transparent financial reporting; improving coordination among ministries, agencies, sub-national governments and the private sector; and ensuring that economic reforms deliver tangible benefits for businesses and citizens.
“A fiscal reform that looks flawless on paper but fails to improve conditions for Nigerian businesses is not reform; it is disguised bureaucracy,” Oyedele said.
He urged committee members to remain objective and independent in carrying out their responsibilities, encouraging them to provide evidence-based recommendations rather than politically convenient advice.
“We do not need this committee to validate what we have already decided. We need you to challenge our assumptions, point out the trade-offs we may be overlooking and tell us the truth we may not want to hear. Fact-based disagreement is not a weakness; it is an advantage,” the minister said.
Oyedele also encouraged the committee to engage manufacturers, exporters, entrepreneurs and ordinary Nigerians to ensure government policies address real economic challenges.
He reiterated that sustainable economic transformation requires collaboration between the public and private sectors, noting that while government would provide policy stability and an enabling environment, the private sector must drive investment, innovation, job creation and enterprise development.
Earlier, the Permanent Secretary of the Federal Ministry of Finance, Mr. Raymond Omenka Omachi, described the inauguration as a significant step towards strengthening fiscal governance and enhancing economic policymaking through informed external engagement.
Omachi said the committee comprises economists, public finance experts, development practitioners, governance professionals and business leaders who will provide strategic guidance on fiscal reforms, public financial management, government efficiency, stakeholder engagement and economic coordination.
He expressed confidence that the committee would help ensure that ongoing economic reforms deliver measurable improvements in the lives of Nigerians while strengthening public confidence in the government’s reform agenda.
Members of the advisory committee later took the oath of office, pledging to discharge their responsibilities with integrity, professionalism and independence, while avoiding conflicts of interest, maintaining confidentiality and providing objective advice in the national interest.
