I am not with the JWs, and I seldom would use the New World Translation.
The claim is that there is one true God by nature, which is true.
The Greek word in the Bible for God is usually transliterated as THEOS (or QEOS). It translated from forms of the Old Testament Hebrew word EL, which basically means "might, strength, power."
Jesus identified the "one true God", that is the one true MIGHT, as his God and Father. -- John 17:1,3.
Nowhere in the Bible is Jesus indentified as the one true MIGHT. There is no might anywhere that is aside from Yahweh (Isaiah 44:6), the God and Father of Jesus. The scriptures reveal that Jesus was sent by the one true Might; that Jesus worships the one true Might, that Jesus speaks the words of the one true Might, etc., but the scriptures never reveal Jesus as being that one true might. -- ( Deuteronomy 18:15-19 ; Matthew 4:4 [ Deuteronomy 8:3 ; Luke 4:4 ]; Matthew 4:7 [ Deuteronomy 6:16 ]; Matthew 4:10 [ Exodus 20:3-5 ; 34:14 ; Deuteronomy 6:13 , 14 ; 10:20 ; Luke 4:8 ]; Matthew 22:29-40 ; Matthew 26:42 ; Matthew 27:46 ; Mark 10:6 [ Genesis 1:27 ; Genesis 2:7 , 20-23 ]; Mark 14:36 ; 15:34 ; Luke 22:42 ; John 4:3 ; 5:30 ; 6:38 ; 17:1 , 3 ; 20:17 ; Romans 15:6 ; 2 Corinthians 1:3 ; 11:31 ; Ephesians 1:3 , 17 ; Hebrews 1:9 ; 10:7 ; 1 Peter 1:3 ; Revelation 2:7 ; 3:2 , 12 )
Even Jesus receives his might from the one true MIGHT, so that forms of the word EL and forms of the word THEOS may be used of him. The angels receive their might from the one true might, so that forms of the word EL and forms of the word THEOS may be used of them, and men are often given special mightiness from the one true might, such as Moses, the judges of Isreal, the sons of God. Thus forms of the word EL and forms of the word Theos may be used of these also, but and although their might is true might, it does not make them the one true might that Jesus spoke of. As Jesus said, they are declared gods by Yahweh, but they are not the one true might. Their might is real, and in that sense it is true, but it does not make them the one true might from whom they have received their might.
Jesus Receives His Power and Authority From The One Who Sent Him
The God of Abraham, Isaac and Jacob, by means of his holy spirit, reveals through the scriptures that Jesus receives his inheritance and dominion (power) from Yahweh. His power and authority is given to him by his God, his unipersonal Supreme Being. Jesus is not Yahweh [his unipersonal God and Father] who gives him this dominion, all authority and power (with the evident exception of the position of being the Most High himself — 1 Corinthians 15:27 ), yet the exercise of this power and authority by Jesus is all to the praise of Yahweh, the unipersonal God and Father of the Lord Jesus. The Bible writers never claimed that Jesus is the ultimate “source” of his own power. — Psalm 2:6-8 ; 45:7 ; 110:1 , 2 ; Isaiah 9:6 , 7 ; 11:2 ; 42:1 ; 61:1-3 ; Jeremiah 23:5 ; Daniel 7:13 , 14 ; Matthew 12:28 ; 28:18 ; Luke 1:32 ; 4:14 , 18 ; 5:17 ; John 3:34 ; 5:19 , 27 , 30 ; 10:18 , 36-38 ; Acts 2:22 ; 10:38 ; Romans 1:1-4 ; 1 Corinthians 15:27 ; 2 Corinthians 13:4 ; Colossians 1:15 , 16 ; 2:10 ; Ephesians 1:17-22 ; Philippians 2:9-11 ; Hebrews 1:2 , 4 , 6 , 9 ; 1 Peter 3:22 .
Thus, it is by nature of being the source of all might that there is only one Most High, and Jesus is never identified as that one Most High, but as the son of the one Most High. The God of Abraham, Isaac and Jacob, by means of his holy spirit, reveals through the scriptures that Jesus is son of the unipersonal Most High, Yahweh. Jesus is never spoken of as the “Most High”; he is not the only Most High Yahweh of whom he is the son. — Genesis 14:22 ; Psalm 7:17 ; 83:18 ; 92:1 ; Luke 1:32 ; John 13:16 .
Those who believe that Jesus is the Most High have to used the great spirit of human imagination so to come up with assumptions, and which assumption that add to, and read into the scriptures.
John 1:1,2 tells us that the Word was with the Might, and the Word was mighty. This does not mean that the Word was the Might whom he was with.
See my studies related to John 1:1:
The Word is Jesus, and Jesus identified the One whom he was with before the world of mankind was a made as his Father, whom he further identified as the one true Might. (John 17:1,3,5) Thus, Jesus, being sent by that one true Might, is not that one true Might who sent him.
See: "Did Jesus Really Say That His Father is the Only True God?