Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, on Tuesday said the country’s drive towards sustainable economic growth could not rest on “fiscal illusion”.
Oyedele said the administration of President Bola Tinubu had taken some of the most difficult economic decisions in the country’s history, including the removal of fuel subsidy, exchange rate unification, and comprehensive tax reforms. He stated that such measures were necessary because “sustainable development cannot be built on fiscal illusion”.
The minister spoke while inaugurating the Ministerial Advisory Committee, chaired by Managing Director/Chief Executive, Sterling Bank Plc, Mr. Abubakar Suleiman, in Abuja.
He acknowledged that the reforms came with immediate costs for households, businesses, and communities.
Oyedele, however, stressed that government’s priority had now shifted from implementing reforms to delivering measurable outcomes that would directly improve the lives of Nigerians.
According to him, “It is one thing to change policy. It is quite another to translate that change into outcomes that Nigerians can feel.”
He said the success of reforms should not be measured by the number of policies announced or macroeconomic indicators cited, but by tangible improvements, such as job creation, lower inflation, exchange rate stability, and increased private sector investment.
Oyedele explained, “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 described the advisory committee as a strategic platform to institutionaliseindependent thinking, evidence-based policymaking, and stronger collaboration between government and the private sector.
The minister said the initiative represented a “public policy-private partnership” aimed at connecting ideas with implementation while strengthening economic decision-making.
He stated that the country’s fiscal environment remained constrained and economically complex, warning that policy decisions often produced unintended consequences if not subjected to rigorous analysis.
He stressed, “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 explained that the committee would provide independent external advice capable of identifying vulnerabilities before they develop into crises, bringing international best practices into policymaking, while assessing how reforms are affecting businesses and communities.
According to him, the advisory body would focus on four key areas: economic policy advisory, public financial management, economic coordination, and translating reforms into practical results.
He said government remained committed to achieving seven per cent annual economic growth and building a one-trillion-dollar economy, adding that such ambition would require bold thinking, innovative strategies, and policies firmly rooted in economic realities.
On public finance, Oyedele said emphasis would be placed on improving revenue generation, prioritising government spending, responsible borrowing, and transparent fiscal reporting to strengthen investor and public confidence.
He stressed that reforms could not succeed without effective coordination among federal institutions, subnational governments and the organised private sector.
Oyedele said a “reform that looks flawless on paper but fails to improve conditions for Nigerian businesses is not reform; it is disguised bureaucracy”.
He charged members of the committee, who were serving on a pro bono basis, to be bold enough to challenge government’s assumptions rather than endorse predetermined positions.
He told them, “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 also urged members of the committee to simplify complex economic issues into practical recommendations while remaining connected to realities facing manufacturers, exporters, entrepreneurs, and ordinary Nigerians.
Oyedele added that the “best advice in the world is worthless if it cannot be understood and acted upon by those who need it most”.
Responding on behalf of the committee members, Suleiman assured that the committee would provide practical, implementable, and evidence-driven recommendations, not theoretical papers.
He said members clearly understood that their assignment was not to duplicate existing work within the ministry or produce academic reports, but to identify fresh ideas that government might not have the time to develop.
Suleiman stated, “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 pledged that the committee would avoid offering advice on issues government had already understood, but would, instead, seek to understand policy realities before making recommendations.
According to him, members would focus on solutions that are practical, executable, and capable of producing results within a short period.
Suleiman further assured the minister that the committee would serve as a bridge between policymakers and ordinary Nigerians by providing honest feedback from farms, factories, and communities across the country.
He stated, “We will listen beyond the noise and understand where people are truly feeling the pain, which policies are working and where adjustments are needed.
“We will bring those realities back to you in a way that supports better decision-making.”
Members of the committee included Professor of Capital Market, Professor Uche Uwaleke; Chief Executive, Economic Associates, Dr. Ayo Teriba; Director-General, Lagos Chamber of Commerce, an Industry (LCCI) Chinyere Almona; and Managing Director, Preston Consults Limited, Mr. Vincent Nwani.
Other members of the committee were Independent Non-Executive Director, Nigeria Sovereign Investment Authority (NSIA), Dr. Suleyman Ndanusa; President, Nigerian Economic Society, Dr. Baba Yusuf Musa; Chairman, Chalms Holding Company Plc, Mr. Segun Olaketuyi; Co-founder, AvanteConsultants and Advisors Limited, Mr. Jide Adeola; and KPMG Africa Practice Lead, Mr. Dimeji Salaudeen.
Equally on the committee were President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr. Jani Ibrahim; Director-General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadri; Chief Economist for Deloitte West Africa, Damilola Akinbami; and Chief Economist, Development Bank of Nigeria Plc, Professor Joseph Nnanna.
James Emejo and Deborah Adekoya
