Governor Hope Uzodimma of Imo State and the Minister of Finance and Coordinating Minister of the Economy, Prof. Taiwo Oyedele, have called for enhanced fiscal federalism, improved revenue generation and economic diversification to build Nigeria’s resilience against global economic shocks.
The two leaders spoke in Owerri during the 2026 National Council on Finance and Economic Development (NACOFED) Retreat. The five-day event, which began on Monday, is examining the theme “Strengthening Fiscal Federalism for Equity, Sustainable Development and Economic Resilience in a Volatile Global Economy.”
Represented by his deputy, Lady Chinyere Ekomaru, Governor Uzodimma said states must be empowered to generate more revenue and manage resources efficiently. He stressed that continued reliance on oil revenue is no longer sustainable. The governor noted that Imo State has digitised revenue collection, blocked leakages and raised its internally generated revenue (IGR). His administration, he added, is advancing its 3R agenda of Shared Prosperity through investments in agriculture, the digital economy, tourism, power, education, small and medium enterprises and infrastructure to create jobs for the state’s growing youth population.
Uzodimma thanked the federal government for choosing Imo as host and described the theme as timely amid rising global economic pressures. He urged participants to produce practical measures that deepen fiscal autonomy, boost revenue generation and promote equity among the federating units. The governor also presented Imo as a preferred investment destination, citing improved security, political stability and openness to partnerships. He reframed the state’s acronym as “Investment Meets Opportunities.”
In his remarks, Oyedele called for a thorough review of Nigeria’s current fiscal architecture, including allocation and derivation principles. He urged greater fiscal responsibility, accountability and cooperation across the three tiers of government. “Nigeria must move from an allocation-dependent economy to one driven by production, investment and job creation,” the minister said.
Oyedele highlighted the impact of recent reforms, including the removal of fuel subsidy and the unification of the foreign exchange market. These measures, he said, have sharply increased revenues available for distribution through the Federation Account. Monthly FAAC allocations, which previously averaged between ₦300 billion and ₦600 billion before 2023, now regularly exceed ₦2 trillion. He disclosed that the Federation Account Allocation Committee distributed ₦2.8 trillion to the federal, state and local governments in June 2026.
The minister cautioned, however, that higher allocations alone will not deliver development. Increased revenues must translate into better infrastructure, human capital development, higher productivity and improved public services. He urged state governments to strengthen internally generated revenue, attract investment and create jobs rather than depend heavily on federal transfers. Oyedele also advocated prudent borrowing and greater transparency, warning against accumulating liabilities without credible repayment plans.
He called for an evidence-based discussion that allows fiscal federalism to evolve in line with Nigeria’s changing economic realities.
In his welcome address, the Permanent Secretary for Special Duties in the Federal Ministry of Finance, Mr Mohammed Sanusi, described the retreat as timely. He said it comes as Nigeria implements major economic reforms aimed at strengthening macroeconomic stability and promoting sustainable development.
Sanusi thanked the Imo State Government for hosting the event and commended Oyedele’s leadership on reforms. He urged commissioners of finance, accountants-general, revenue agencies, development partners and other stakeholders to produce practical recommendations for stronger revenue generation and better economic management.
The retreat is also attended by the Chairman of the Revenue Mobilisation, Allocation and Fiscal Commission, Dr Mohammed Shehu; the Accountant-General of the Federation, Dr Shamsudeen Babatunde Ogunjimi; the Chairman of the Forum of State Commissioners for Finance of Nigeria, Mr Akintunde Oyebode; and the Executive Chairman of the Nigeria Revenue Service, Dr Zacch Adedeji, among other senior officials.
Prominent Imo State figures present included the Speaker of the State House of Assembly, Rt. Hon. Chike Olemgbe; federal lawmaker Rt. Hon. Chike Okafor; former Governor Chief Ikedi Ohakim; and other members of the state executive council and traditional leadership.
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