FG LAUNCHES COMMITTEE TO ASSESS IMPACT OF ECONOMIC REFORMS
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By: Fasasi Hammad
The Federal Government has inaugurated a Ministerial Advisory Committee to provide independent, evidence-based assessments of its economic reforms and help ensure that recent policy changes translate into tangible benefits for Nigerians.
Speaking at the inauguration ceremony held at the Federal Ministry of Finance in Abuja on Tuesday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the committee would offer objective, data-driven guidance to strengthen economic policymaking and improve the impact of government reforms on citizens.
According to him, the initiative represents a new approach to governance built on a “public-policy-private partnership” model designed to enhance decision-making and bridge the gap between policy formulation and implementation.
Oyedele noted that President Bola Tinubu’s administration has undertaken some of the country’s most significant economic reforms in recent years, including the removal of fuel subsidies, exchange rate reforms and comprehensive tax restructuring.
While acknowledging the short-term hardships these policies have imposed on households and businesses, he maintained that the reforms were necessary for long-term economic stability and sustainable growth.
The minister stressed that the success of the reforms would ultimately be measured by improvements in the lives of Nigerians through job creation, lower inflation, exchange rate stability, increased investments and broader economic opportunities.
He explained that the committee would not duplicate the functions of existing institutions or wield executive authority but would instead provide independent advice aimed at strengthening government decisions and identifying emerging risks before they escalate.
Oyedele urged members to assess the broader impact of government policies, incorporate global best practices and offer practical feedback on how reforms are affecting businesses and communities across the country.
He warned against rushed policy decisions without adequate analysis, noting that poorly designed interventions often create new challenges while attempting to solve existing problems.
According to him, the committee’s work will focus on four key areas: economic policy advisory, public financial management, economic coordination and translating reforms into measurable outcomes.
The minister reiterated the government’s ambition of achieving seven per cent annual real GDP growth and building a $1 trillion economy by 2030, stressing that such goals would require innovative thinking, sound economic strategies and disciplined execution.
He added that the committee would also contribute to improving fiscal governance through recommendations on revenue generation, quality public spending, prudent borrowing and transparent financial reporting.
Oyedele emphasised the importance of collaboration among federal institutions, state governments and the private sector, saying effective coordination is essential for the success of economic reforms.
He encouraged committee members to challenge existing assumptions, provide honest assessments and prioritise practical solutions over theoretical recommendations.
According to him, their advice would directly shape ministerial decisions and contribute to policy recommendations submitted to President Tinubu.
The minister also called on the private sector to play a more active role in driving economic growth through investment, job creation and innovation, stressing that government alone cannot deliver the country’s development aspirations.
Responding on behalf of the committee, its Chairman and Managing Director of Sterling Bank, Abubakar Suleiman, pledged that members would focus on actionable and implementable recommendations rather than lengthy theoretical reports.
He said the committee would identify fresh ideas and practical solutions capable of complementing government efforts while also serving as a channel for communicating the experiences and concerns of businesses, farmers and ordinary Nigerians.
Earlier, Permanent Secretary of the Federal Ministry of Finance, Raymond Omachi, described the committee as an important platform for evidence-based policymaking.
He noted that its membership comprises economists, public finance specialists, governance experts, development practitioners and private sector representatives tasked with providing strategic advice on fiscal reforms, government efficiency, stakeholder engagement and economic coordination.
Omachi expressed confidence that the committee’s work would strengthen fiscal sustainability, enhance public trust and support Nigeria’s broader economic transformation agenda.
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