Major Shake-Up: Tinubu Names Suleiman, Teriba, Others To Key Economic Advisory Committee

The Federal Government has inaugurated a Ministerial Economic Advisory Committee made up of leading economists, public finance experts and private sector executives to strengthen economic policymaking and support the implementation of ongoing fiscal reforms.....KINDLY READ THE FULL STORY HERE▶

Among those appointed to the committee are the Managing Director of Sterling Bank, Abubakar Suleiman; the Chief Executive Officer of Economic Associates, Dr. Ayo Teriba; the President of the Capital Market Academics of Nigeria, Prof. Uche Uwaleke; and the Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Chinyere Almona, alongside other industry experts.

Speaking at the inauguration ceremony in Abuja on Tuesday, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the committee as a strategic public-private initiative designed to bridge the gap between economic policy formulation and implementation.

According to the minister, the advisory body will provide independent, evidence-based recommendations to guide government decision-making and ensure that ongoing reforms translate into tangible benefits for Nigerians.

He noted that the Tinubu administration has already undertaken significant economic reforms, including the removal of fuel subsidies, the unification of the foreign exchange market, and the introduction of comprehensive tax reforms aimed at restoring fiscal stability.

Edun said the government’s priority is to ensure these policies result in increased job creation, lower inflation, improved investor confidence, and a higher standard of living.

“The committee will serve as a bridge between policy formulation and implementation by providing practical, evidence-based recommendations that strengthen government decisions and help anticipate emerging economic risks,” he said.

He clarified that the committee would not exercise executive powers or replace existing government institutions but would instead complement the work of the Ministry of Finance through objective analysis and practical policy advice.

The minister tasked members with assessing the impact of government policies on businesses and households and recommending timely adjustments where necessary.

He explained that the committee’s work would focus on economic policy, public financial management, inter-agency coordination, and strategies to ensure that ongoing reforms deliver measurable national outcomes.

Edun reaffirmed the Federal Government’s ambition of achieving annual economic growth of seven per cent and building a $1 trillion economy by 2030, stressing that the targets would require innovation, stronger institutions, and closer collaboration between the public and private sectors.

He commended committee members for accepting to serve without remuneration, describing their decision as an act of patriotism, and assured them that their recommendations would directly inform ministerial decisions and presidential economic policies.

The minister also urged the committee to remain objective, challenge conventional thinking, and base its recommendations on credible data rather than political considerations.

He encouraged members to engage businesses, manufacturers, and citizens to ensure government policies reflect the realities of the Nigerian economy.

Earlier, the Permanent Secretary of the Federal Ministry of Finance, Raymond Omachi, described the committee as an important platform for promoting evidence-based economic policymaking.

He said the advisory body brings together economists, public finance specialists, governance professionals, development experts, and private sector representatives to provide strategic guidance on fiscal reforms, government efficiency, stakeholder engagement, and economic coordination.

According to Omachi, the committee will support efforts to strengthen fiscal sustainability, boost public confidence, and advance Nigeria’s economic transformation agenda.

He congratulated the members on their appointments and thanked them for offering their expertise in service to the nation.

Speaking on behalf of the committee, Chairman Abubakar Suleiman pledged that members would focus on delivering practical and implementable recommendations.

“We will not waste government’s time with impractical recommendations. Our priority is to understand the realities on the ground and provide actionable policy advice capable of delivering measurable economic benefits,” Suleiman said.