The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called for stronger fiscal federalism, improved revenue generation and economic diversification to strengthen Nigeria’s resilience to economic shocks.
The minister spoke in Owerri, the Imo State capital, on Wednesday at the ongoing 2026 National Council on Finance and Economic Development Retreat.
Speaking on the theme ‘Strengthening Fiscal Federalism for Equity, Sustainable Development and Economic Resilience in a Volatile Global Economy,’ 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.
“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, “The Federation Account Allocation Committee (FAAC) distributed N2.8 trillion to the Federal, State and Local Governments in June 2026.”
