The responsibility of the committee is to advise the Federal government on new source funds and ways to implement the proposed new minimum wage in a sustainable manner.
Other terms of reference of the committee include proposing a work plan and modalities for implementation.
The committee which is to be headed by a popular economist, Bismark Rewane with other experienced economists and administrators making up the list.
The committee is expected to submit its report within one month.
President Buhari while setting up the committee said he is committed to a review of the national minimum wage.
The appointment of the advisory committee comes a day after the Nigeria Labour Congress (NLC) held a nationwide protest over the N30,000 minimum wage.
Members of the union held the protest in various states across the country.
Also in Abuja, the NLC leaders assembled at the Labour House for the protest. They said the protest is aimed at drawing the attention of all relevant individual and institutions to the urgent need to transmit the recommended N30,000 minimum wage to the National Assembly.