The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, says the Federal Government’s economic reforms have pushed monthly Federal Account Allocation Committee disbursements above N2 trillion, compared with an average of N300 billion under previous administrations.
Oyedele said the reforms, including the removal of fuel subsidy and unification of the foreign exchange market, contributed to the increase, with FAAC recording a record N2.8 trillion disbursement in June 2026.
Speaking in Owerri, Imo State, at the 2026 National Council on Finance and Economic Development retreat, the minister urged states and local governments to invest increased allocations in infrastructure, human capital and local productivity.
He also called for stronger internally generated revenue, saying higher allocations alone would not guarantee prosperity.
Oyedele further advocated a review of the revenue-sharing formula to ensure greater equity among the 774 local government areas.
The three-day retreat is focused on strengthening fiscal federalism, revenue mobilisation, debt sustainability, economic diversification and improved resource allocation.
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