The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called for stronger fiscal federalism, improved revenue generation and economic diversification to strengthen Nigeria’s resilience to economic shocks.
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The minister spoke in Owerri, the Imo State capital, on Wednesday at the ongoing 2026 National Council on Finance and Economic Development Retreat.
Speaking on the theme ‘Strengthening Fiscal Federalism for Equity, Sustainable Development and Economic Resilience in a Volatile Global Economy,’ Oyedele insisted on the retreat interrogating the current allocation and derivation principles, even as he called for greater fiscal responsibility, accountability and cooperation among Nigeria’s three tiers of government to achieve sustainable economic growth.
He said, “Nigeria must move from an allocation-dependent economy to one driven by production, investment and job creation.
“Recent economic reforms, including the removal of fuel subsidy and the unification of the foreign exchange market, have significantly increased revenues available for distribution through the Federation Account.”
He said monthly Federation Account allocations, which averaged between N300 billion and N600 billion before 2023, now exceed N2 trillion.
For instance, “The Federation Account Allocation Committee (FAAC) distributed N2.8 trillion to the Federal, State and Local Governments in June 2026.”
He cautioned that higher allocations alone could not guarantee development, insisting that increased revenues must translate into improved infrastructure, human capital development, productivity and public services.
The minister urged state governments nationwide to strengthen their Internally-Generated Revenue, attract investments and create jobs rather than rely heavily on federal allocations.
He also advocated prudent borrowing and greater transparency in public finance, warning governments against accumulating liabilities without credible repayment plans, as he urged the participants to promote “an evidence-led conversation, not a positional one,” while ensuring that “fiscal federalism evolves in response to Nigeria’s changing economic realities.”
The Imo State Governor, Hope Uzodimma, who was represented at the event by his Deputy, Chinyere Ekomaru, said that states must be empowered to generate more revenue and efficiently manage available resources, pointing out that continued dependence on oil revenue was no longer sustainable.
Uzodimma thanked the Federal Government and the organisers for choosing Imo as host for the retreat, and described the theme as timely, given growing global economic pressures.
He said his administration was working to make “shared prosperity” a reality through its 3R agenda, adding that the state had digitised its revenue collection, blocked leakages and increased its IGR.
“Imo has also invested in agriculture, the digital economy, tourism, power, education, small and medium-sized enterprises and infrastructure as part of efforts to create jobs and expand economic opportunities for its growing youth demography.”
He urged participants to develop practical measures that would deepen fiscal autonomy, improve revenue generation and promote equity among the federating units.
Earlier in his welcome address, the Permanent Secretary, Special Duties, Federal Ministry of Finance, Mr Mohammed Sanusi, said the retreat came at a critical period when Nigeria was implementing major economic reforms to strengthen macroeconomic stability and promote sustainable development.
Sanusi said the retreat provides an important platform for policymakers and stakeholders to evaluate issues affecting the nation’s economy.
Others present at the retreat include the Chairman, Revenue Mobilisation, Allocation and Fiscal Commission, Dr Mohammed Shehu; the Accountant-General of the Federation, Dr Shamsudeen Ogunjimi; the Chairman, Forum of State Commissioners for Finance of Nigeria, Mr Akintunde Oyebode; the Executive Chairman, Nigeria Revenue Service (NRS), Dr. Zacch Adedeji, among others.
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