By Taiwo Scholarstica
Chief Executive Officer (CEO) at Sterling Bank Limited, Abubakar Suleiman, CEO of Economic Associates, Mr Ayo Teriba, are amongst prominent personalities who have been inaugrated as members of a Ministerial Advisory Committee for the Nigerian Federal Ministry of Finance.
The committee inaugurated on Tuesday is expected to provide independent, evidence-based advice on its economic reforms as part of efforts to ensure recent policy changes deliver tangible benefits to Nigerians.
The committee was inaugurated by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
Speaking, Oyedele said the committee would strengthen economic policymaking through objective analysis and practical recommendations.
According to Oyedele, the committee represents a new approach to governance by encouraging collaboration between the public and private sectors to improve the quality of government decisions.
“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,” he said.
The Minister noted that President Bola Tinubu’s administration had implemented major reforms over the past three years, including the removal of fuel subsidies, exchange rate unification and tax reforms, adding that the focus had now shifted to ensuring the policies produce meaningful results.
“We want to move from reform to results,” he said.
While admitting that the reforms had imposed short-term challenges on households and businesses, Oyedele maintained they were necessary for sustainable economic growth.
“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,” he said.
He explained that the committee would provide independent advice, assess the impact of government policies and recommend practical solutions to improve implementation.
Responding on behalf of the committee, its Chairman and Managing Director of Sterling Bank, Abubakar Suleiman, assured the government that members would focus on practical and implementable recommendations rather than theoretical reports.
“We promise you that’s not what we’ll give you,” he said.
Earlier, the Permanent Secretary of the Federal Ministry of Finance, Raymond Omachi, described the committee as an important platform for evidence-based policymaking that would support the successful implementation of the Federal Government’s economic reform agenda.