Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called for greater fiscal responsibility, accountability and cooperation among Nigeria’s three tiers of government to achieve sustainable economic growth.
Oyedele made the call yesterday 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’.
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 increased revenues must translate into improved infrastructure, human capital development, productivity and public services, urging state governments to strengthen their internally generated revenue, attract investments and create jobs rather than rely heavily on federal allocations.
The minister also advocated prudent borrowing and greater transparency in public finance, warning governments against accumulating liabilities without credible repayment plans. According to Oyedele, no Nigerian state is currently struggling to pay salaries, attributing the improvement to ongoing fiscal reforms and better federation accounts management.
