Get Guardian on GoogleA member of the House of Representatives, Hon. Philip Agbese, has commended the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, over the Federal Government’s budget performance in the second quarter of 2026.
Agbese, who represents Ado/Okpokwu/Ogbadigbo Federal Constituency of Benue State on the platform of the Labour Party (LP), said the performance figures reflected deliberate efforts by the administration to strengthen fiscal management, improve budget coordination and advance national development priorities.
The lawmaker, who is also the Deputy Spokesperson of the House of Representatives, spoke with journalists in Abuja on Thursday against the backdrop of President Bola Tinubu’s request for legislative approval of a fresh external borrowing plan worth approximately N10.8 trillion.
President Tinubu had on Wednesday written to the House, seeking approval for the implementation of new external borrowing contained in the 2026 Appropriation Act.
According to the President, the proposed borrowing is intended to finance projects captured in the national budget and consolidate the macroeconomic gains recorded by the administration.
Agbese’s commendation followed the release of the Second Quarter 2026 Budget Implementation Report by the Budget Office of the Federation on November 7.
The report showed that government revenue stood at approximately N11.9 trillion in the first half of 2026.
It also indicated that Nigeria’s economy grew by 4.43 per cent in the second quarter, representing its strongest quarterly expansion since the third quarter of 2024.
The country’s nominal Gross Domestic Product (GDP) also rose to N119.29 trillion, supported by improved crude oil production and resilient activities in the non-oil sector.
Reacting to the figures, Agbese said the performance demonstrated that ongoing efforts to reposition the economy were beginning to yield results, stressing the need to acknowledge progress while addressing existing challenges.
“These numbers show that deliberate efforts are being made to improve the management of our economy. We must acknowledge the work being done by the Ministers of Finance and Budget and Economic Planning to strengthen fiscal coordination and ensure that national priorities are reflected in government spending.
“While there is still considerable work to be done, we should be able to recognise progress where it is being made. The figures indicate that the economy is responding to ongoing reforms, and the responsibility before us is to sustain that momentum,” he said.
The opposition lawmaker particularly highlighted the importance of cooperation between the two ministers in coordinating fiscal and budgetary policies, improving revenue generation and ensuring that available resources were directed towards critical sectors.
He said Oyedele and Bagudu occupied strategic positions in the implementation of the administration’s economic agenda, adding that effective collaboration between their ministries was essential to achieving sustainable economic growth.
“The Minister of Finance and Coordinating Minister of the Economy alongside his counterpart, the Minister of Budget and Economic Planning, occupy strategic positions in the implementation of the administration’s economic agenda.
“Their ability to work together, align fiscal policies and improve budget coordination is important to achieving the desired results,” Agbese said.
He also emphasised the importance of regular budget performance assessments, describing them as necessary instruments for measuring progress, identifying implementation gaps and ensuring that public expenditure remained consistent with national development objectives.
On the proposed external borrowing, the lawmaker said the request should be considered against the background of the government’s financing requirements and the need to sustain critical infrastructure and development projects across the country.
He noted that the borrowing proposal also presented an opportunity for the executive and legislature to strengthen institutional cooperation in addressing Nigeria’s development challenges and infrastructure financing needs.
Agbese, however, called for continued collaboration between both arms of government to ensure that borrowed funds and other public resources were properly utilised and directed towards projects capable of improving the living conditions of Nigerians.
He urged ministries, departments and agencies to improve budget execution, strengthen accountability mechanisms and ensure that approved allocations translated into tangible benefits for citizens.
According to him, the success of the government’s budgetary and borrowing plans should ultimately be measured by their impact on the welfare of ordinary Nigerians.
“The ultimate test of any budget or external borrowing plan is its impact on the lives of ordinary Nigerians. Beyond the figures, we want to see better roads, improved healthcare, quality education, jobs and opportunities for our people.
“That is why budget implementation must remain a priority,” he said.
