Nigeria gradually moving from reforms to results – Oyedele

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has stated that Nigeria is gradually moving from reforms to a result based economy. He stated this in Abuja on Tuesday while inaugurating the Ministerial Advisory Committee, headed by Abubakar Suleiman, which was charged with the responsibility of interfacing with private sector operators and […]

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has stated that Nigeria is gradually moving from reforms to a result based economy.

He stated this in Abuja on Tuesday while inaugurating the Ministerial Advisory Committee, headed by Abubakar Suleiman, which was charged with the responsibility of interfacing with private sector operators and members of the public to advise the minister on how best the government reforms can positively impact Nigerians and businesses.

He said, “Translating reform into results is where the rubber meets the road. A fiscal reform that looks flawless on paper but fails to improve conditions for Nigerian businesses is not reform; it is disguised bureaucracy. Your focus must, therefore, remain on practical, real-world impact.”

He added that the committee will provide independent, evidence-based and constructive external counsel.

“We need you to think through the second- and third-order effects of our policies, identify vulnerabilities and risks before they become crises, bring international best practices into our decision-making, and relay how our reforms are actually impacting factories, shops and communities so we can adjust course dynamically where necessary,” he said.

Oyedele clarified that the committee’s role would be advisory, adding: “Your independent perspective will strengthen our decisions and keep us relentlessly focused on outcomes.”

He said the committee’s mandate would rest on four pillars, including economic policy advisory, public financial management, economic coordination and stakeholder engagement.

“We need data-driven counsel on how to achieve our core development objectives of job creation, robust growth, enhanced productivity and revenue optimisation.

“The government’s aspiration remains bold- achieving 7 per cent annual real GDP growth and building a $1 trillion economy by 2030.

Earlier, the Permanent Secretary of the Ministry of Finance, Mr. Raymond Omachi, described the committee as a strategic platform for evidence-based economic policymaking.

He said it comprised economists, public finance experts, governance professionals, development practitioners and private sector representatives.

The chairman of the committee promisethat his team would not waste time on realistic proposals or recommendations, but would rather meet the ministers’ expectations.