By Abubakar Yunus
The Federal Government on Tuesday inaugurated a Ministerial Advisory Committee to provide independent, evidence-based reviews of its economic reforms, as it seeks to convert recent policy changes into tangible benefits for Nigerians.
Speaking at the inauguration of the committee at the Federal Ministry of Finance in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, said the committee would offer external, data-driven advice to strengthen economic policymaking and ensure that reforms translate into improved living standards.
According to the minister, the committee marks a shift towards what he described as a “public-policy-private partnership” aimed at improving the quality of government decisions.
“Today is not simply about constituting another committee. It is about institutionalising a new way of thinking, a new way of solving problems, a new way of connecting ideas with implementation and strengthening the quality of economic decision-making in service of the Nigerian people,” Oyedele said.
He said the administration of President Bola Tinubu had undertaken some of the country’s most difficult economic reforms over the past three years, including the removal of petrol subsidies, exchange rate unification and comprehensive tax reforms, noting that the next phase was ensuring that Nigerians experienced their benefits.
“We want to move from reform to results,” he said.
The minister acknowledged that the reforms had imposed immediate costs on households, businesses and communities, but maintained that they were necessary because “sustainable development cannot be built on fiscal illusion.”
He added that the effectiveness of the reforms would ultimately be judged not by the number of policies introduced but by their impact on the economy and citizens.
“The true measure of reform is not the number of policies announced or macroeconomic indicators cited. It is the number of jobs created, inflation declining, the naira stabilising and businesses investing with confidence. It is about the number of lives improved. That is why this committee has been established,” he said.
Oyedele said the committee would not exercise executive authority or duplicate the work of existing government institutions but would instead provide independent, constructive advice capable of strengthening government decisions.
He urged members to examine the second and third-order effects of government policies, identify emerging risks before they become crises, incorporate international best practices into policymaking and provide feedback on how reforms were affecting businesses and communities.
“The natural instinct in government is often to act quickly, to announce, to declare progress and to move to the next initiative. But quick actions without rigorous analysis frequently create new problems while solving old ones,” the minister said.
He said the committee’s work would be anchored on four pillars comprising economic policy advisory, public financial management, economic coordination and translating reforms into measurable outcomes.
On economic policy, Oyedele said the government required data-driven advice to achieve its development priorities of job creation, stronger economic growth, improved productivity and higher revenue generation.
“The government’s aspiration remains bold, achieving seven per cent annual real GDP growth and building a $1tn economy by 2030. This requires thinking differently, questioning assumptions, challenging long-held theories and developing a strategy that stretches us while remaining deeply grounded in economic reality,” he said.
He added that the committee would also help improve fiscal governance by advising on revenue mobilisation, expenditure quality, responsible borrowing and transparent financial reporting.
The minister stressed that economic reforms could only succeed through effective coordination across government institutions, collaboration with state governments and stronger partnerships with the private sector.
He also urged members to prioritise practical solutions over theoretical recommendations.
“A fiscal reform that looks flawless on paper but fails to improve conditions for Nigerian businesses is not reform; it is disguised bureaucracy,” he said.
Charging members to be bold, Oyedele said they should challenge existing assumptions rather than merely endorse government positions.
