N10.8trn borrowing must deliver infrastructure, jobs – Agbese

By Gift ChapiOdekina, Abuja The Deputy Spokesperson of the House of Representatives, Philip Agbese, has urged the Federal Government to sustain effective budget implementation to translate Nigeria’s improving economic indicators into tangible benefits for citizens. Agbese, who represents Ado/Okpokwu/Ogbadigbo Federal Constituency of Benue State, said the proposed N10.8 trillion external borrowing must translate into infrastructure development, job creation and improved living conditions for Nigerians.

He made the call while speaking with journalists in Abuja on Thursday, following the release of the Federal Government’s Second Quarter 2026 Budget Implementation Report and President Bola Tinubu’s request for National Assembly approval of a fresh external borrowing plan. Tinubu had on Wednesday written to the House of Representatives, seeking approval to implement the external borrowing plan contained in the 2026 Appropriation Act to finance budgeted projects and consolidate the macroeconomic gains recorded by his administration.

The Budget Implementation Report, released by the Budget Office of the Federation on November 7, showed that government revenue stood at approximately N11.9 trillion in the first half of 2026. The report also indicated that Nigeria’s economy grew by 4.43 per cent in the second quarter, its strongest quarterly expansion since the third quarter of 2024, while nominal Gross Domestic Product rose to N119.29 trillion.

The growth was attributed to improved crude oil production and resilient activities in the non-oil sector. Reacting to the figures, Agbese commended the Ministers of Finance and Budget and Economic Planning, Taiwo Oyedele and Abubakar Atiku Bagudu, respectively, for their roles in strengthening fiscal coordination and improving budget performance. He said the figures underscored the importance of effective fiscal management, improved revenue generation and coordination in implementing national development priorities.

“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 Labour Party lawmaker said collaboration between the two ministers was important to achieving the administration’s economic objectives, particularly in strengthening revenue generation, managing public expenditure and directing available resources towards critical sectors.

He added that regular assessments of budget performance were necessary to identify implementation challenges, measure progress and ensure that public funds were deployed in line with approved priorities. On the proposed N10.8 trillion external borrowing, Agbese said the request should be considered within the context of the government’s financing requirements and the need to sustain critical infrastructure and development projects.

He said the proposal also presented an opportunity for the executive and legislature to strengthen cooperation in addressing the country’s development financing needs. The lawmaker, however, urged ministries, departments and agencies to improve budget execution and accountability to ensure that approved allocations delivered measurable results. Agbese maintained that the success of government spending and borrowing should ultimately be measured by their impact on the living conditions of 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.