By Boluwatife Oshadiya, | July 15, 2026
Key Points
- Federal Government inaugurates a Ministerial Advisory Committee to strengthen Nigeria’s fiscal and macroeconomic reforms
- Committee will provide independent strategic advice on economic policy, public financial management and reform implementation
- Members will serve on a pro bono basis and comprise experts from government, academia, finance and the private sector
Main Story
The Federal Government has inaugurated a Ministerial Advisory Committee (MAC) to provide independent strategic advice aimed at strengthening Nigeria’s fiscal and macroeconomic reform agenda and accelerating inclusive economic growth.
The committee, inaugurated by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, in Abuja on Tuesday, brings together leading professionals from the public and private sectors, academia, finance, industry and development organisations. According to the Ministry of Finance, the committee will support evidence-based policymaking, improve public financial management and strengthen stakeholder engagement as the government pushes ahead with key economic reforms.
Speaking during the inauguration, Oyedele said Nigeria had undertaken some of its most significant economic reforms in recent years, including the removal of fuel subsidies, exchange rate liberalisation and ongoing tax reforms. While these measures have helped restore macroeconomic stability, he stressed that the next phase must focus on translating reforms into tangible improvements for businesses and households.
“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,” Oyedele said.
The minister explained that the committee was intentionally constituted as an independent, non-executive advisory body that would challenge existing assumptions, identify emerging risks and recommend practical policy solutions without duplicating the responsibilities of existing government institutions.
The committee is chaired by Abubakar Sulaiman, with Dr. Ayo Teriba serving as Vice Chairman and Idris Belo-Osagie as Secretary. Members comprise economists, financial experts, business leaders, public policy professionals and representatives of major private sector institutions, all serving on a voluntary basis.
Under its terms of reference, the committee will advise the government on macroeconomic strategy, fiscal policy, government efficiency, productivity, stakeholder engagement, fiscal governance and public communication. It is also expected to produce periodic fiscal risk assessments, policy recommendations and early-warning analyses to support government decision-making.
The Federal Ministry of Finance’s press release announcing the inauguration did not publish the complete membership list. It only identified the leadership and described the membership broadly as economists, financial experts, business leaders, academics and private sector representatives.
However, reports covering the inauguration have confirmed the following members:
| Chairman | Abubakar Suleiman | Managing Director/CEO, Sterling Bank |
| Vice Chairman | Dr. Ayo Teriba | CEO, Economic Associates |
| Secretary | Idris Belo-Osagie | Public policy and strategy professional |
| Member | Prof. Uche Uwaleke | President, Capital Market Academics of Nigeria |
| Member | Chinyere Almona | Director-General, Lagos Chamber of Commerce and Industry (LCCI) |
The Ministry also stated that the committee includes:
- Economists
- Financial experts
- Business leaders
- Public policy professionals
- Academics
- Representatives of key private sector institutions
all serving on a pro bono basis. As of now, neither the Ministry of Finance nor Taiwo Oyedele’s office has published the complete roster of members. Most media reports mention only the leadership and a handful of prominent members.
What’s Being Said
“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,” said Abubakar Sulaiman, Chairman of the Ministerial Advisory Committee.
The Federal Ministry of Finance said the committee reflects the government’s commitment to institutionalising evidence-based policymaking while strengthening collaboration with the private sector, academia and development partners to sustain Nigeria’s economic reform momentum.
What’s Next
- The committee is expected to commence advisory work immediately across economic policy, fiscal management, government efficiency and reform implementation.
- Members will periodically submit fiscal risk assessments, policy recommendations and stakeholder impact analyses to support government decision-making.
- The Ministry of Finance is expected to work closely with the committee as Nigeria advances ongoing tax reforms, fiscal consolidation and broader macroeconomic stability initiatives.
The Bottom Line: The establishment of the Ministerial Advisory Committee signals the Federal Government’s intention to institutionalise independent policy advice as economic reforms enter a more implementation-focused phase. Its effectiveness, however, will ultimately be measured by whether its recommendations translate into improved fiscal governance, stronger investor confidence and measurable economic benefits for Nigerians.
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