A 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, Senator Abubakar Atiku Bagudu, over the Federal Government’s fiscal 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 reported economic indicators reflected efforts to strengthen fiscal management, improve budget coordination and align government expenditure with national development priorities.
The lawmaker, who is also the Deputy Spokesperson of the House, spoke with journalists in Abuja on Thursday against the backdrop of President Bola Tinubu’s request for legislative authorisation to implement the N10.79 trillion external borrowing component of the 2026 Appropriation Act.
The President had, in a letter to the House on Wednesday, sought approval to access the external financing, equivalent to approximately $7.7 billion, as part of the funding arrangements already provided for in the 2026 budget.
The request, which forms part of the N29.218 trillion approved borrowing for the year, is intended to help finance the budget deficit and support projects and programmes captured in the Appropriation Act.
The President’s request also comes amid heightened public scrutiny of Nigeria’s debt profile and the sustainability of continued borrowing to finance infrastructure and other development priorities.
Meanwhile, the Second Quarter 2026 Budget Implementation Report, published by the Budget Office of the Federation on November 7, provided an assessment of the government’s revenue and expenditure performance during the period.
The report indicated that government revenue stood at approximately N11.9 trillion in the first half of the year. It also put Nigeria’s economic growth at 4.43 per cent in the second quarter, with nominal Gross Domestic Product (GDP) reaching N119.29 trillion.
The reported expansion, supported by improved crude oil production and resilient non-oil sector activity, represents an important indicator of the economy’s performance amid ongoing fiscal and structural reforms.
Reacting to the figures, Agbese said the performance reflected deliberate efforts to improve economic management, adding that the contributions of the finance and budget ministers deserved recognition.
“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.
He noted that the two ministers occupy strategic positions in the implementation of the administration’s economic agenda, particularly in revenue generation, public expenditure management and the coordination of budgetary priorities.
According to him, effective collaboration between the ministries is necessary to ensure that fiscal policies are properly aligned and government spending delivers the desired economic outcomes.
“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,” he said.
The lawmaker further stressed the importance of regular budget performance assessments, describing them as necessary tools for measuring progress, identifying implementation gaps and ensuring that public expenditure remains consistent with approved national development objectives.
On the President’s N10.79 trillion external borrowing request, Agbese said the proposal should be considered within the context of the government’s financing requirements and the need to sustain critical development projects across the country.
He said the request also presented an opportunity for the executive and legislature to strengthen cooperation in addressing the country’s infrastructure and development financing needs.
However, he emphasised the need for transparency and accountability in the utilisation of borrowed funds, insisting that financing arrangements must translate into completed projects and measurable development outcomes.
Agbese also called on ministries, departments and agencies (MDAs) to improve budget execution, strengthen accountability mechanisms and ensure that approved allocations deliver tangible benefits to 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.
He maintained that sustained economic progress would depend not only on improved fiscal indicators but also on effective implementation, prudent management of public resources and cooperation between the executive and legislative arms of government.
SOURCE: Independent