FG unveils advisory committee to review economic reforms

Nigeria's Federal Government has inaugurated a Ministerial Advisory Committee tasked with providing independent, evidence-based reviews of its economic reforms. The initiative seeks to ensure that recent policy changes yield tangible benefits for Nigerians.

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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.

Speaking at the committee's inauguration in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, explained that the committee would offer external, data-driven advice to enhance economic policymaking. This aims to ensure reforms translate into improved living standards for citizens. Oyedele described the committee as a shift towards a "public-policy-private partnership" designed to improve the quality of government decisions.

Oyedele highlighted that President Bola Tinubu's administration has implemented significant economic reforms, including the removal of petrol subsidies, exchange rate unification, and comprehensive tax reforms. The next crucial phase, he noted, is ensuring Nigerians experience the positive outcomes of these measures. "We want to move from reform to results," Oyedele stated.

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We want to move from reform to results.

While acknowledging the immediate costs these reforms have imposed on households and businesses, the minister stressed their necessity, asserting that "sustainable development cannot be built on fiscal illusion." He emphasized that the reforms' effectiveness will be judged by their impact on the economy and citizens, not just the number of policies introduced. The committee will focus on the number of jobs created, declining inflation, naira stabilization, business confidence, and overall improvement in people's lives.

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sustainable development cannot be built on fiscal illusion.

The committee will not wield executive authority but will provide independent, constructive advice. Its work will focus on economic policy advisory, examining policy effects, identifying risks, incorporating international best practices, and gathering feedback on how reforms affect businesses and communities. Oyedele cautioned against hasty actions without rigorous analysis, which can create new problems while solving old ones.

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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.