FIC Report (Imo State) – The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has urged the adoption of stronger fiscal federalism, enhanced revenue generation and economic diversification to boost Nigeria’s capacity to withstand economic shocks.
He made the call at the opening of the 2026 National Council on Finance and Economic Development (NACOFED) Retreat, held at the Emmanuel Iwuanyanwu International Convention Centre, Owerri, with the theme, “Strengthening Fiscal Federalism for Equity, Sustainable Development and Economic Resilience in a Volatile Global Economy.”
Mr. Oyedele said the five-day retreat provides an opportunity to critically examine Nigeria’s existing fiscal structure, particularly the principles guiding revenue allocation and derivation.
According to him, Nigeria must strengthen fiscal responsibility, accountability and cooperation among the three tiers of government to achieve sustainable economic development.
Mr. Oyedele explained that recent economic reforms, the removal of fuel subsidy and the unification of the foreign exchange market, had substantially improved revenues available for distribution via the Federation Account.
He noted that monthly allocations from the Federation Account, which ranged between N300 billion and N600 billion before 2023, have since risen to more than N2 trillion.
He further explained that the Federation Account Allocation Committee (FAAC) distributed N2.8 trillion to the Federal, State and Local Governments in June 2026.
On the other hand, the Minister warned that higher allocations alone would not translate into meaningful development, reiterating the need to channel additional revenues into infrastructure, human capital development, increased productivity and improved public services. He also urged state governments to boost their internally generated revenue, attract investments and create more jobs, rather than relying heavily on allocations from the Federal Government.
Mr. Oyedele also urged governments to adopt prudent borrowing practices and enhance transparency in public financial management, while calling on participants to engage in evidence-based discussions and ensure that fiscal federalism adapts to Nigeria’s evolving economic realities without creating unsustainable liabilities.
The Imo State Governor, Senator Hope Uzodimma, represented by his Deputy, Lady Chinyere Ekomaru, while declaring the retreat open, said states must be empowered to create more revenue and skillfully manage available resources, noting that continued dependence on oil revenue was no longer viable.
Senator Uzodimma thanked the Federal Government and the organisers for selecting Imo State to host the retreat, describing the theme as particularly relevant amid increasing global economic pressures.
He maintained that his administration remained committed to making its “Shared Prosperity” agenda a reality through the 3R( Reconstruction, Rehabilitation, Recovery. ) administration , noting that the state had digitised its revenue collection system, blocked leakages and improved its internally generated revenue.
The governor went further to state that the state had invested in agriculture, digital economy, power, tourism, , education, small and medium-sized enterprises as well as infrastructure as part of its resolve to create jobs and expand economic opportunities for its growing youth population.
He challenged participants to develop practical strategies for strengthening fiscal autonomy, boosting revenue generation and ensuring a fairer distribution of resources among the federating units and assured development partners that Imo State had emerged as an attractive investment destination.
Earlier, the Permanent Secretary, Special Duties, Federal Ministry of Finance, Mr. Mohammed Sanusi, described the 2026 NACOFED Retreat as timely, coming at a period when the country was implementing major economic reforms aimed at strengthening macroeconomic stability and promoting sustainable development.
Mr. Sanusi said the retreat would enable policymakers and key stakeholders to review pressing economic challenges, commending the Imo State Government for hosting the event and Mr. Oyedele for his leadership in driving economic reforms. He then urged participants to engage in constructive discussions that would yield practical measures for boosting revenue generation and strengthening economic management.
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The retreat was well attended by top policy implementors including the Accountant-General of the Federation, Mr. Shamsudeen Babatunde Ogunjimi.
AKUSHIE,CHIOMA MARK HELEN.
HOC., FIC.
17/08/2026
