Uzodimma Demands Fiscal Federalism, Economic Diversification at NACOFED 2026
Imo State Governor Hope Uzodimma has called for stronger fiscal federalism, aggressive economic diversification, and enhanced local revenue generation to shield Nigeria from severe economic shocks.
The Governor delivered this charge during the 2026 National Council on Finance and Economic Development (NACOFED) retreat hosted in Owerri, the Imo State capital.
States Must End Over-Dependence on Federal Oil Allocations
Governor Uzodimma, represented at the event by his Deputy, Chinyere Ekomaru, declared that Nigeria’s continuous reliance on oil revenue is no longer sustainable. He challenged subnational governments to take immediate control of their financial destinies.
To achieve long-term financial stability, the Governor urged participants to craft actionable strategies that will deepen fiscal autonomy across all states, aggressively drive internally generated revenue (IGR) growth, promote structural equity among the federating units and the management of available local resources.
Finance Minister Urges States to Attract Investments
Echoing the Governor’s sentiments, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, cautioned state governments against surviving solely on monthly federal allocations.
Minister Oyedele tasked states with building robust, independent economies by focusing on three strategic agenda of boosting local tax compliance and IGR frameworks, attracting private sector investments and implementing targeted policies for job creation.
Financial Leaders Gather in Owerri
The high-level, three-day economic retreat serves as a critical convergence point for the architects of Nigeria’s financial policy.
Key dignitaries and financial stakeholders in attendance include Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) Mohammed Shehu, Accountant-General of the Federation Shamsudeen Ogunjimi, along with commissioners of finance of finance he 36 states of the federation.
