Nigeria forms 16-member panel to accelerate fiscal reform

Finance Minister Taiwo Oyedele on Tuesday launched the Ministerial Advisory Committee, a 16-member body tasked with guiding the next phase of Nigeria’s economic overhaul. The panel is chaired by Abubakar Sulaiman and includes Vice Chairman Ayo Teriba, drawing heavily from private sector finance, industry, and academia.

The establishment of the committee signals Abuja's recognition that passing reforms is no longer the primary hurdle. Nigeria has already executed severe macroeconomic adjustments, including the removal of fuel subsidies, foreign exchange rate reforms, and a comprehensive tax overhaul. While these steps have restored a degree of macroeconomic stability, businesses and investors are still waiting for the operational realities on the ground to improve.

For market participants, the committee's mandate directly addresses execution risk. Rather than drafting new policies, the panel will focus on accelerating existing ones under four pillars: Economic Policy Advisory, Public Financial Management, Economic Coordination, and translating reforms into results. Specifically, it will develop periodic fiscal risk assessments, stakeholder impact analyses, and early warning systems. This focus on measurable outcomes is designed to ensure that fiscal sustainability translates into a more predictable operating environment.

Operating on a pro bono basis, the committee is structured as an independent, non-executive body to avoid duplicating the work of existing government agencies. This outside-in approach is intended to provide objective counsel and bridge the communication gap between the government, the organised private sector, and development partners.

“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,” Sulaiman said on behalf of the panel. “We are equally committed to matching the Minister’s sense of urgency and execution focus as we collectively work towards delivering meaningful outcomes for the Nigerian economy.”

Oyedele framed the initiative as a necessary step to build long-term institutional capacity rather than just managing immediate crises. “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,” he said. The ministry's explicit focus on risk assessment and government efficiency will be closely watched by foreign capital looking for concrete signs that Nigeria's reform agenda is gaining traction.