Oyedele Urges States to Boost IGR at Finance Retreat

Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, addressed the 2026 National Council on Finance and Economic Development Retreat in Owerri, Imo State, on Wednesday. He emphasized the need for Nigeria to transition from an allocation-dependent economy to one focused on production, investment, and job creation.

Oyedele highlighted recent economic reforms, such as the removal of fuel subsidies and the unification of the foreign exchange market, which have increased monthly Federation Account allocations from an average of N300 billion to N600 billion before 2023 to over N2 trillion. He urged state governments to bolster their Internally-Generated Revenue, attract investments, and create jobs.

Oyedele also warned against accumulating liabilities without credible repayment plans and advocated for fiscal responsibility and accountability. Imo State Governor Hope Uzodimma, represented by Deputy Chinyere Ekomaru, supported Oyedele's call, stating that states must efficiently manage resources and reduce reliance on oil revenue.