Oyedele Advocates Fiscal Federalism at NACOFED Summit

Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, called for stronger fiscal federalism and economic diversification during the 2026 National Council on Finance and Economic Development (NACOFED) summit held at the Emmanuel Iwuanyanwu International Convention Centre in Owerri. The summit, themed “Strengthening Fiscal Federalism for Equity, Sustainable Development and Economic Resilience in a Volatile Global Economy,” aims to evaluate Nigeria’s fiscal architecture.

Oyedele highlighted the need for Nigeria to transition from an allocation-dependent economy to one focused on production, investment, and job creation. He noted that recent economic reforms, including the removal of fuel subsidies and the unification of the foreign exchange market, have increased monthly Federation Account allocations from an average of N300 billion to N600 billion before 2023 to over N2 trillion.

In June 2026, N2.8 trillion was distributed to the Federal, State, and Local Governments. Oyedele urged state governments to enhance their internally generated revenue and warned against accumulating liabilities without credible repayment plans.

Governor Hope Uzodimma, represented by Deputy Lady Chinyere Ekomaru, supported the call for states to manage resources efficiently.