Imo State Governor, Senator Hope Uzodimma, 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 made the call on Monday in Owerri at the 2026 National Council on Finance and Economic Development (NACOFED) Retreat, with the theme: “Strengthening Fiscal Federalism for Equity, Sustainable Development and Economic Resilience in a Volatile Global Economy.”
Uzodimma, who was represented at the event by his Deputy, Lady Chinyere Ekomaru, said states must be empowered to generate more revenue and manage available resources more efficiently, stressing that continued dependence on oil revenue was no longer sustainable.
The governor thanked the Federal Government and the organisers for choosing Imo as the host, describing the theme of the retreat as timely in view of the growing global economic pressures.
He said his administration is working to make “shared prosperity” a reality through its 3R agenda, adding that the state had digitised revenue collection, blocked leakages and increased its internally generated revenue.
Uzodimma said the state was also investing in agriculture, the digital economy, tourism, power, small and medium-sized enterprises and infrastructure as part of efforts to create jobs and expand economic opportunities for its growing youth population.
He urged participants at the retreat to develop practical measures to deepen fiscal autonomy, improve revenue generation, and promote equity among the federating units.
The governor also assured development partners that Imo remained open for business, citing improved security, political stability and the state government’s commitment to partnerships.
Speaking at the retreat, Oyedele called for greater fiscal responsibility, accountability and cooperation among Nigeria’s three tiers of government to achieve sustainable economic growth.
He said the country 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.
Oyedele disclosed that the Federation Account Allocation Committee (FAAC) distributed N2.8 trillion to the Federal, State and Local Governments in June 2026.
He, however, cautioned that higher allocations alone would not guarantee development, stressing 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.
Oyedele said the retreat should 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 Commissioner for Finance, Hon. Chuck Chukuemeka, described the 2026 NACOFED retreat as a major platform for developing financial policies to improve the lives of Nigerians.
Chukuemeka said the retreat provided an opportunity for Commissioners of Finance, Accountants-General and other finance experts from across the 36 states, as well as representatives of revenue-generating agencies, to deliberate on policies that could positively impact the common man.
He also highlighted the economic benefits of hosting the retreat, noting that more than 300 participants had arrived in Imo ahead of the three-day event.
“The economic impact cannot easily be quantified because you have over 300 people that actually descended into Imo since Saturday,” he said, adding that the influx had boosted activities in hotels, restaurants, transportation and other businesses.
The Commissioner said participants had expressed satisfaction with the transformation taking place in Imo State, particularly in infrastructure and hospitality.
He commended Governor Hope Uzodimma for providing the necessary support for the successful hosting of the retreat, saying the event had further demonstrated that Imo was “ready for business” and fast becoming a major hospitality destination in Nigeria.
Earlier, 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, in his welcome address, said the retreat provided an important platform for policymakers and stakeholders to deliberate on 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 of finance, revenue-generating agencies, development partners, and other stakeholders, to engage in constructive discussions that can produce practical recommendations to strengthen revenue generation and improve economic management.
The retreat brought together the Chairman and Commissioners of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Shehu; the Accountant-General of the Federation, Dr. Shamsudeen Ogunjimi; and commissioners of finance from the 36 states of the federation.
Others in attendance included former Imo State Governor, Chief Ikedi Ohakim; former Deputy Governor, Prof. Placid Njoku; Speaker of the Imo State House of Assembly, Rt. Hon. Chike Olemgbe; members of the State Expanded Executive Council; traditional rulers and other government officials.