The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has said Nigeria’s pursuit of sustainable economic growth cannot be built on what he described as “fiscal illusion”.
Oyedele said the President Bola Tinubu administration had taken some of the most difficult economic decisions in the country’s history, including fuel subsidy removal, exchange rate unification and comprehensive tax reforms, stressing that such measures were necessary to build a stronger economic foundation.
The minister spoke on Tuesday while inaugurating the Ministerial Advisory Committee chaired by the Managing Director and Chief Executive Officer of Sterling Bank Plc, Mr Abubakar Suleiman, in Abuja.
He acknowledged that the reforms had imposed immediate pressures on households, businesses and communities, but said government’s focus had shifted from policy implementation to delivering measurable improvements in the lives of Nigerians.
“It is one thing to change policy. It is quite another to translate that change into outcomes that Nigerians can feel,” he said.
Oyedele said the success of economic reforms should not be judged by the number of policies introduced or macroeconomic figures alone, but by practical outcomes such as job creation, declining inflation, exchange rate stability, increased private sector investment and improved living standards.
“The true measure of reform is the number of jobs created, inflation declining, the naira stabilising, businesses investing with confidence, and, ultimately, the number of lives improved,” he stated.
He described the advisory committee as a strategic platform designed to promote independent thinking, evidence-based policymaking and stronger cooperation between government and the private sector.
According to him, the committee represents a “public policy-private partnership” aimed at linking economic ideas with implementation while improving decision-making processes.
The minister said Nigeria’s fiscal environment remained challenging and complex, warning that policy decisions could create unintended consequences if they were not subjected to thorough analysis.
“The natural instinct in government is often to act quickly, announce progress, and move to the next initiative. But quick actions without rigorous analysis frequently create new problems while solving old ones,” he said.
Oyedele explained that the committee would provide independent advice, identify potential risks before they become crises, introduce global best practices and assess the impact of government policies on businesses and communities.
He listed the committee’s focus areas to include economic policy advisory, public financial management, economic coordination and translating reforms into practical outcomes.
The minister reiterated government’s ambition to achieve seven per cent annual economic growth and build a one-trillion-dollar economy, saying the target would require bold ideas, innovative strategies and policies based on economic realities.
On public finance, he said attention would be given to improving revenue generation, prioritising government expenditure, responsible borrowing and transparent fiscal reporting to strengthen confidence among investors and citizens.
Oyedele stressed that successful reforms require effective coordination between federal institutions, state governments and the organised private sector.
“A reform that looks flawless on paper but fails to improve conditions for Nigerian businesses is not reform; it is disguised bureaucracy,” he said.
He urged members of the committee, who are serving on a pro bono basis, to challenge government assumptions and provide honest assessments rather than simply endorse existing positions.
“Ground your advice in hard evidence, not intuition, populism or political convenience.
”We do not need this committee to validate what has already been decided. We need you to tell us the truth, even when it is uncomfortable,” he told the members.
He also charged them to simplify complex economic issues into practical recommendations while remaining connected to the experiences of manufacturers, exporters, entrepreneurs and ordinary Nigerians.
“The best advice in the world is worthless if it cannot be understood and acted upon by those who need it most,” he added.
Responding on behalf of the committee, Suleiman assured the minister that members would provide practical, implementable and evidence-based recommendations rather than theoretical reports.
He said the committee’s responsibility was not to duplicate the ministry’s work but to generate fresh ideas and explore solutions that may not yet have received attention.
“Our job is to free you to keep running the ministry and coordinating the economy while we think about new ideas, different approaches, and issues that may not yet be on the table,” he said.
Suleiman pledged that the committee would avoid commenting on issues already understood by government and would instead focus on solutions capable of producing measurable results.
He added that members would serve as a link between policymakers and Nigerians by gathering feedback from farms, factories and communities across the country.
“We will listen beyond the noise and understand where people are truly feeling the pain, which policies are working and where adjustments are needed,” he said.
Members of the committee include Professor Uche Uwaleke; Chief Executive Officer of Economic Associates, Dr Ayo Teriba; Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Chinyere Almona; Managing Director of Preston Consults Limited, Mr Vincent Nwani; and Independent Non-Executive Director of the Nigeria Sovereign Investment Authority (NSIA), Dr Suleyman Ndanusa.
Others are President of the Nigerian Economic Society, Dr Baba Yusuf Musa; Chairman of Chalms Holding Company Plc, Mr Segun Olaketuyi; Co-founder of AvanteConsultants and Advisors Limited, Mr Jide Adeola; and KPMG Africa Practice Lead, Mr Dimeji Salaudeen.
The committee also included President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr Jani Ibrahim; Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadri; Chief Economist for Deloitte West Africa, Damilola Akinbami; and Chief Economist of the Development Bank of Nigeria Plc, Professor Joseph Nnanna.
