He has been taken to the Serious Crime Suite at Musgrave Police Station for questioning.
Shortly after 3pm on 11 January 1993 Matthew was discovered slumped over the steering wheel of his Red Vauxhall Astra Estate car on the Donaghmore Road outside Dungannon.
Matthew had been shot twice.
He was taken to hospital for treatment to his injuries but unfortunately passed away later that evening.
Detectives are appealing for anyone who was in the area on the day in question and who witnessed the murder or anyone with any information that can assist with the investigation to contact them in the Legacy Investigations Branch on 101.
Alternatively, information can also be provided to the independent charity Crimestoppers on 0800 555 111 which is 100% anonymous and gives people the power to speak up and stop crime.