Uzodimma, Oyedele seek stronger fiscal federalism, economic diversification …Why we’re in Owerri – Finance Minister

Governor Hope Uzodimma of Imo State and the Minister of Finance and Coordinating Minister of the Economy, Prof. Taiwo Oyedele, have called for stronger fiscal federalism, improved revenue generation and economic diversification to strengthen Nigeria’s resilience to economic shocks.

The duo spoke, Monday, in Owerri at the 2026 National Council on Finance and Economic Development (NACOFED) Retreat.

The five-day Summit (August 16-20) holding at the sprawling Emmanuel Iwuanyanwu International Convention Centre in Owerri is evaluating the theme: “Strengthening Fiscal Federalism for Equity, Sustainable Development and Economic Resilience in a Volatile Global Economy.”

Oyedele was emphatic that members of NACOFED are in Owerri, the Imo State capital, to interrogate Nigeria’s current fiscal architecture.

Represented at the event by his Deputy, Lady Chinyere Ekomaru, Uzodimma, according to a statement by Oguwike Nwachuku, his Chief Press Secretary/Special Adviser Media, 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.

The Governor 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 Imo State had digitised her revenue collection, blocked leakages and increased its internally generated revenue (IGR).

Uzodimma added that the State 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 at the Retreat to develop practical measures that would deepen fiscal autonomy, improve revenue generation and promote equity among the federating units.

The Governor assured development partners that Imo State, is today, the preferred destination for investment in the country, and remains open for business, citing improved security, political stability and the State government’s commitment to partnerships.

He reiterated that because Imo had risen, her real meaning today, literally, stands as Investment Meets Opportunities (IMO),
and urged Oyedele and the NACOFED participants to use the opportunity of their visit to explore the hospitality of the people of Imo State.

In his remarks, 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.”

According to the Minister, 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, Oyedele disclosed that the Federation Account Allocation Committee (FAAC) distributed N2.8 trillion to the Federal, State and Local Governments in June 2026.

However, 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 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.

He urged the participants to use the Retreat to promote “an evidence-led conversation, not a positional one,” while ensuring that “fiscal federalism evolves in response to Nigeria’s changing economic realities.”

Earlier in his welcome address, the Permanent Secretary, Special Duties, Federal Ministry of Finance, Mr. Mohammed Sanusi, described the 2026 NACOFED Retreat as timely, saying it 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.

He expressed appreciation to the Imo State Government for hosting the event and commended Oyedele for his leadership and commitment to economic reforms.

The Permanent Secretary urged participants, including commissioners for finance, accountants-general, revenue-generating agencies, development partners and other stakeholders, to engage in constructive discussions capable of producing practical recommendations for strengthening revenue generation and improving economic management.

Apart from the Minister, the Retreat brought together the Chairman of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Shehu; the Accountant-General of the Federation, Dr. Shamsudeen Babatunde Ogunjimi; the Chairman of Forum of State Commissioners for Finance of Nigeria (FSCFN), Mr. Akintunde Oyebode, and the Executive Chairman, Nigeria Revenue Service (NRS), Dr. Zacch Adedeji, among others.

A galaxy of dignitaries from Imo State attended the event.

They included the Speaker, Imo State House of Assembly, Rt. Hon. Chike Olemgbe; member representing Ehime Mbano/Ihitte Uboma/Obowo Federal Constituency, Rt. Hon Chike Okafor, former Governor of Imo State, Chief Ikedi Ohakim; former Deputy Governor, Prof. Placid Njoku, Secretary to the Imo State Government, Chief Cosmas Iwu, Chief of Staff to the Governor, Barr Nnamdi Anyaehie, the Deputy Chief of Staff, Media Communications and Strategy, Dr. Ken Ikpe, and other members of the Imo State expanded Executive Council.

Also in attendance were the Managing Director of Anambra/Imo River Basin Development Authority, Rt. Hon Emeka Nduka, Chief Chris Okewulonu, Chief Chuma Nnaji, Chief Emma Ohakim, Chairman, Imo State Elders Council/Co-Chair of Southern Nigeria Traditional Rulers Council, HRH, Eze Cletus Ilomuanya, and others too numerous to mention.