FG sets up independent committee to review Tinubu’s economic reforms

The federal government has set up a ministerial advisory committee to independently review the administration’s economic reforms as it intensifies efforts to ensure the policies deliver real benefits to Nigerians.

The committee, inaugurated on Tuesday in Abuja by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, is expected to provide evidence-based advice on the implementation of key reforms and help the government convert policy decisions into jobs, lower inflation, improved productivity, and stronger economic growth.

Describing the initiative as a new approach to economic governance, Oyedele said the committee would institutionalise independent thinking and strengthen the quality of government decisions through what he termed a “public-policy-private partnership.”

“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,” he said.

The minister noted that while President Bola Tinubu’s administration had taken some of the country’s toughest economic decisions, including the removal of the petrol subsidy, exchange rate unification, and tax reforms, the priority was now to ensure ordinary Nigerians begin to feel the impact.

“We want to move from reform to results,” he said.

Acknowledging the hardship caused by the reforms, Oyedele maintained that they were necessary to put the economy on a sustainable path.

He said the success of the policies would not be measured by government announcements or economic statistics alone but by visible improvements in the lives of Nigerians.

“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,” he said.

According to him, the committee will serve strictly as an independent advisory body, providing objective analysis rather than exercising executive powers or duplicating the responsibilities of existing government institutions.

He charged members to evaluate the wider impact of government policies, identify emerging economic risks before they escalate, recommend global best practices, and provide regular feedback on how reforms are affecting businesses and communities.

Oyedele said the committee would focus on four key areas, namely economic policy advisory, public financial management, economic coordination, and translating reforms into measurable outcomes.

He added that the government remained committed to achieving seven per cent annual real GDP growth and building a $1 trillion economy by 2030, stressing that the target would require innovative thinking, stronger fiscal discipline, and deeper collaboration with the private sector.

The minister also urged members to speak frankly and challenge the government where necessary.

“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.

He assured the committee that its recommendations would directly shape ministerial decisions and the advice presented to President Tinubu.

Responding, the chairman of the committee and Managing Director of Sterling Bank, Abubakar Suleiman, pledged that members would deliver practical and implementable recommendations instead of lengthy theoretical reports.

He said the committee would also serve as a bridge between the government and citizens by conveying honest feedback from businesses, farmers, and communities on the impact of economic reforms.

Earlier, Permanent Secretary in the Federal Ministry of Finance, Raymond Omachi, said the committee comprises economists, public finance experts, governance professionals, development practitioners, and private sector representatives.

He said the body would provide strategic advice on fiscal reforms, government efficiency, stakeholder engagement, and economic coordination to support the Federal Government’s drive to strengthen fiscal sustainability, restore public confidence, and accelerate the nation’s economic transformation.