The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has inaugurated the Ministerial Advisory Committee (MAC), a high-level body of distinguished professionals drawn from the public and private sectors, academia, finance, industry, and development to provide strategic advisory support in advancing Nigeria’s fiscal and macroeconomic reform agenda.
Speaking at the inauguration held at the Federal Ministry of Finance Headquarters in Abuja, the Honourable Minister described the Committee as a strategic initiative to strengthen evidence-based policymaking, improve public financial management, deepen stakeholder engagement, and help translate ongoing reforms into measurable improvements in the lives of Nigerians.
The Minister noted that Nigeria has undertaken some of its most significant economic reforms in recent history, including the removal of fuel subsidy, exchange rate reforms, and comprehensive tax overhaul. While these reforms have restored macroeconomic stability and strengthened the foundations of the economy, he emphasised that the next phase must focus on accelerating implementation and ensuring that the benefits are felt by businesses, households and communities across the country.
He explained that the Committee was deliberately constituted as an independent, external, non-executive advisory body to provide objective counsel and fresh perspectives without duplicating the responsibilities of existing government institutions. Its role 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.
The Minister charged members to approach their assignment with integrity, intellectual independence, patriotism, and an unwavering commitment to Nigeria’s long-term development.
“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,” he said.
The Minister further stressed that the Committee would serve as an important bridge between government, the organised private sector, academia, and development partners, ensuring that policy formulation continues to benefit from broad-based expertise, constructive feedback, and international best practices adapted to Nigeria’s unique circumstances.
The Ministerial Advisory Committee is chaired by Mr. Abubakar Sulaiman, with Dr. Ayo Teriba serving as Vice Chairman and Idris Belo-Osagie as the Secretary. Its membership comprises accomplished 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 their shared commitment to national development.
During the inauguration, the citation of members highlighted the Committee’s exceptional breadth of expertise across public finance, economic policy, banking, industry, manufacturing, energy, development finance, academia, and organised business, describing it as a carefully assembled body of practitioners with deep experience in shaping and implementing economic policy. Members were commended for offering their services voluntarily as a demonstration of patriotism and commitment to Nigeria’s progress.
Speaking on behalf of the Committee, the Chairman, Mr. Abubakar Sulaiman, assured the Honourable Minister of the Committee’s unwavering commitment to providing objective, candid and high-quality advice in the national interest.
“The Honourable 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 across four broad pillars: Economic Policy Advisory, Public Financial Management, Economic Coordination, and translating reforms into measurable results. Its work will include advising on macroeconomic strategy, fiscal policy, productivity and growth, fiscal governance, government efficiency, accountability, stakeholder engagement, and public communication. The Committee will also develop periodic fiscal risk assessments, policy recommendations, stakeholder impact assessments, and early warning analyses to support timely decision-making.
The Federal Ministry of Finance reaffirmed that the Committee’s establishment reflects the Government’s commitment to institutionalising evidence-based policymaking, strengthening collaboration with the private sector and other stakeholders, and maintaining the momentum of reforms required to achieve sustainable economic growth, fiscal stability, and shared prosperity.
