Morganable Politics/Governance
Oyedele acknowledged that the reforms had imposed immediate hardships on households, businesses and communities across the country, but maintained that they were necessary to place the economy on a sustainable footing
KANO-
The Federal Government on Tuesday inaugurated a Ministerial Advisory Committee to provide independent, evidence-based reviews of its economic reform agenda.
The inauguration, held at the Federal Ministry of Finance in Abuja, comes as the administration seeks to consolidate major economic reforms introduced over the past three years, including the removal of petrol subsidies, exchange rate unification and comprehensive tax reforms.
Speaking during the inauguration, the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, said the committee would serve as an independent advisory body that would strengthen government decision-making through data-driven recommendations and constructive policy reviews.
“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.
FG Pledges To Make Reforms Impactful To Nigerians
The minister explained that while the Tinubu administration had implemented some of the country’s most far-reaching economic reforms, the next challenge was ensuring that the benefits of those policies reached ordinary Nigerians.
“We want to move from reform to results,” he said.
Oyedele acknowledged that the reforms had imposed immediate hardships on households, businesses and communities across the country, but maintained that they were necessary to place the economy on a sustainable footing.
According to him, long-term economic development cannot be achieved through what he described as “fiscal illusion,” stressing that difficult policy decisions were unavoidable if Nigeria was to restore macroeconomic stability and attract investment.
He noted that the ultimate success of the government’s reform programme would not be measured by policy announcements or improvements in macroeconomic statistics alone, but by their impact on citizens and businesses.
“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.
Instead, he said, members would provide independent advice, identify emerging risks and evaluate the broader effects of government policies before they evolve into major economic challenges.
He urged members to critically assess the second and third-order consequences of economic decisions, draw lessons from international best practices and provide regular feedback on how reforms were affecting businesses, investors and local 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,” he said.
The minister disclosed that the committee’s work would focus on four strategic pillars economic policy advisory, public financial management, economic coordination and translating reforms into measurable outcomes.
He said the government required independent and evidence-based advice to achieve its ambitious development agenda, which includes accelerating economic growth, improving productivity, creating jobs and increasing government revenue.
“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,” Oyedele stated.
Committee Would Advise Government On Revenue Increase
On fiscal governance, the minister said the committee would advise the government on improving revenue mobilisation, enhancing the quality of public expenditure, promoting responsible borrowing and strengthening transparency in public financial reporting.
He added that achieving sustainable economic reforms would require stronger coordination among ministries, departments and agencies, closer collaboration with state governments and deeper partnerships with the organised private sector.
According to him, economic reforms are more likely to succeed when government institutions work in harmony and policy implementation is supported by businesses and sub-national governments.
“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.
He further challenged members to maintain their independence and provide honest assessments of government policies, even where their findings may contradict official 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.
The minister also encouraged members to simplify complex economic issues into practical recommendations that policymakers could implement, while remaining attentive to the experiences of entrepreneurs, manufacturers 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 Vows To Consider Committee’s Recommendations
“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 take a more active role in driving economic growth, arguing that government alone could not deliver the scale of development Nigerians expected.
According to him, the responsibility of government is to create an enabling environment through stable macroeconomic policies, predictable regulations and adherence to the rule of law, while businesses invest, create jobs and expand productive activities.
“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 members, Chairman of the committee and Managing Director of Sterling Bank, Abubakar Suleiman, pledged that the committee would focus on delivering practical and implementable recommendations capable of supporting government reforms.
He assured the minister that members would avoid producing lengthy reports with little practical value, stressing that the committee understood its responsibility to generate innovative ideas and realistic policy options.
“We promise you that’s not what we’ll give you,” Suleiman said, referring to voluminous advisory reports that often fail to influence policy.
He added that the committee’s comparative advantage would be identifying fresh perspectives and practical solutions that government officials, often preoccupied with day-to-day administration, may not have sufficient time to develop.
The inauguration of the advisory committee signals the government’s latest effort to deepen engagement with the private sector and policy experts as it seeks to sustain economic reforms while addressing concerns over inflation, the high cost of living and the need for stronger economic growth.
