Suleiman, Teriba, Uwaleke, 12 Others To Advise Federal Govt On Economic Reforms

The federal government has inaugurated a Ministerial Advisory Committee to provide independent, evidence-based advice to the Ministry of Finance as it seeks to translate ongoing economic reforms into measurable improvements in the lives of Nigerians.

The minister of Finance and coordinating minister of the Economy, Taiwo Oyedele, said the committee represented a new approach to policymaking by strengthening collaboration between the government and the private sector to improve economic decision-making.

Responding on behalf of the committee, its chairman and managing director of Sterling Bank, Abubakar Suleiman, pledged that members would focus on delivering practical, implementable and timely recommendations rather than theoretical reports.

Members of the committee include Dr Ayo Teriba, CEO, Economic Associates; Prof. Uche Uwaleke, president, Institute of Capital Market Studies; Chinyere Almona, director-general, Lagos Chambers of Commerce and Industry; Vincent Nwani, MD, Preston Consult Ltd and Segun Oloketuyi, chairman, Chams Holding Company Plc.

Others are Jide Adeola, co-founder at Avante Consultants Limited; Dimeji Salaudeen, KPMG International; Damilola Akinbami, chief economist, Deloitte West Africa; Idris Belo-Osagie, senior adviser to the Minister of Finance; Engr. Jani Ibrahim, national president, NACOMA; Segun Ajayi-Kadri, director-general, Manufacturer Association of Nigeria; Prof. Joseph Nnanna, chief economist, Development Bank of Nigeria Plc; Dr Suleyman Ndanusa, independent non-executive director, NSIA and Dr Baba Yusuf Musa, president, Nigeria Economic Society.

During the inauguration in Abuja yesterday, the minister said the administration’s major reforms, including the removal of the fuel subsidy, unification of the exchange rate and tax reforms, were necessary to restore fiscal sustainability, stressing that the next phase of government efforts would focus on ensuring the reforms deliver tangible benefits for citizens and businesses.

Oyedele said the advisory committee would provide independent and constructive counsel without exercising executive authority or duplicating the responsibilities of existing government institutions.

According to him, its work will be anchored on four key pillars: economic policy advisory, public financial management, economic coordination and translating reforms into practical outcomes.

Oyedele urged members of the committee to challenge existing assumptions, base their recommendations on evidence rather than political convenience and remain connected to the realities faced by businesses and ordinary Nigerians.

The minister said, “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 the service of the Nigerian people.

“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, businesses investing with confidence and the number of lives improved.

“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 overlooking, and tell us the truth we may not want to hear,” he said.

Earlier, the ministry’s permanent secretary, Raymond Omenka Omachi, described the inauguration as a significant milestone in the efforts to strengthen fiscal governance and improve economic policymaking through informed stakeholder engagement.

He said the committee comprises experienced economists, public finance experts, governance professionals, development practitioners, business leaders and representatives of the organised private sector whose expertise would support the ministry in implementing reforms and improving public financial management.