By Tony Obiechina, Abuja

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, 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.

“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 might be papering over and tell us the truth we may not want to hear. Healthy, fact-based disagreement is not a weakness; it is an advantage,” he said.

He further urged the committee to simplify complex economic issues into practical recommendations and remain connected to the experiences of businesses and ordinary Nigerians.

“A young entrepreneur deterred by red tape or a factory manager struggling for a permit, they are not abstractions; they are the living metrics of whether our policies succeed or fail,” he added.

Oyedele assured members that their recommendations would directly influence ministerial decisions and the advice presented to the President.

“I promise you that your counsel will be heard. Your advice will not languish in forgotten files. It will actively inform ministerial decisions and the guidance I provide to the President,” he said.

He also called on the organised private sector to play a greater role in driving economic growth, saying the government alone could not build the Nigeria citizens desired.

“The government’s role is to clear the path by creating predictable policies, macroeconomic stability and a functioning rule of law. The rest depends on your investment, your hiring and your risk-taking,” he said.

Responding on behalf of the committee, its Chairman and Managing Director of Sterling Bank, Abubakar Suleiman, assured the minister that members would focus on providing practical, implementable recommendations rather than theoretical reports.

“We promise you that’s not what we’ll give you,” Suleiman said, referring to lengthy advisory documents.

He said the committee understood that its responsibility was to identify new ideas and practical solutions that government officials, occupied with day-to-day administration, might not have sufficient time to explore.

“Our job is to free you to keep running this ministry and keep coordinating this economy while we take time off to think about things that, if you were not on this job, you would have been able to do yourself,” he said.

Suleiman pledged that the committee would avoid repeating advice already available within government and instead focus on practical, executable recommendations capable of delivering quick results.

He also said members would serve as a bridge between government and citizens by conveying genuine feedback from businesses, farmers and communities on the impact of economic policies.

“We will try to listen and hear what people are really saying, where Nigerians are really feeling the pain, which of the policies is really working, and then we’ll bring that back to you in an environment that you can work with,” he said.

The Permanent Secretary of the Federal Ministry of Finance, Raymond Omachi, said the committee would serve as a strategic platform for evidence-based economic policymaking.

He said its membership comprised economists, public finance experts, governance professionals, development practitioners and private sector representatives who would provide strategic advice on fiscal reforms, government efficiency, stakeholder engagement and economic coordination.

According to him, the committee’s work would support efforts to strengthen fiscal sustainability, boost public confidence and advance Nigeria’s economic transformation agenda.