The Federal Government of Nigeria has officially inaugurated a Ministerial Advisory Committee to conduct independent, evidence-based reviews of its ongoing economic policies.

The inauguration took place at the Federal Ministry of Finance in Abuja. The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, explained that the new committee is designed to offer objective, data-driven advice that will help ensure recent policy adjustments lead directly to improved living standards for citizens.

During the ceremony, the Minister described the initiative as a public-policy-private partnership that aims to institutionalize a more rigorous, analytical way of solving national problems within the government.

Over the last three years, the administration of President Bola Tinubu has rolled out several significant and challenging reforms, such as removing petrol subsidies, unifying the exchange rate, and initiating wide-ranging tax reforms. While acknowledging that these decisions have brought immediate financial hardships to families, businesses, and communities across the nation, Oyedele maintained that such actions were crucial because long-term, sustainable development cannot be built on artificial fiscal measures.

The Minister emphasized that the ultimate success of these reforms will not be determined by the volume of new policies announced or by abstract macroeconomic statistics. Instead, the true measure of their effectiveness will be reflected in practical indicators like job creation, reduced inflation rates, a stable national currency, and renewed confidence among business investors. He explained that the committee does not possess executive authority and will not duplicate the tasks of existing government institutions.

Instead, its core mandate is to thoroughly analyze the broader ripple effects of policy decisions, identify potential economic risks before they escalate, and suggest global best practices.

The committee’s advisory work is structured around four primary pillars, which include advising on economic policy, improving public financial management, enhancing economic coordination, and transforming abstract reforms into concrete outcomes. These efforts are expected to guide the government toward its ambitious goals, which include hitting a seven percent annual real gross domestic product growth rate and building a one trillion dollar economy by the year 2030.

To reach these targets, the Minister challenged the committee members to be highly critical of existing assumptions, urging them to highlight overlooked trade-offs and deliver direct, unvarnished feedback rather than simply validating pre-existing government decisions. He also pointed out that the government’s role is to establish a stable and predictable policy environment, meaning that the organized private sector must step up to drive the actual investments and hiring needed for national growth.

Replying on behalf of the newly formed group, the Chairman of the committee and Managing Director of Sterling Bank, Abubakar Suleiman, assured the government that they would prioritize practical, executable solutions over lengthy, academic reports. Suleiman noted that the committee’s primary value lies in taking the time to deeply analyze complex strategic issues, thereby freeing up ministry officials to focus on daily administrative duties.

He also promised that the members would serve as a direct link to the public, gathering and delivering honest feedback on how policies are actively affecting businesses, farmers, and communities.

To round off the session, the Permanent Secretary of the Ministry of Finance, Raymond Omachi, remarked that the platform would play a vital role in grounding national policy in solid evidence. He noted that the committee’s diverse membership is drawn from a pool of economists, public finance professionals, governance experts, development practitioners, and private sector leaders, all working together to boost fiscal sustainability and public confidence.