N10.8 Trillion Loan: Lawmaker Agbese Backs Tinubu, Praises Oyedele, Bagudu
- Labour Party lawmaker Philip Agbese praised ministers Taiwo Oyedele and Abubakar Bagudu after the Q2 2026 budget report showed Nigeria's economy grew by 4.43%
- The Budget Office of the Federation published the Second Quarter 2026 Budget Implementation Report on November 7, showing government revenue hit N11.9 trillion in H1 2026
- Agbese's comments came as President Tinubu asked the House of Representatives to approve a fresh external borrowing plan worth about N10.8 trillion
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Abuja, FCT - A member of the House of Representatives, Hon. Philip Agbese, has praised Minister of Finance and Coordinating Minister of Economy Taiwo Oyedele and Minister of Budget and Economic Planning Abubakar Atiku Bagudu for the Federal Government's performance in the second quarter of 2026.
Agbese, who represents the Ado/Okpokwu/Ogbadigbo Federal Constituency of Benue state on the Labour Party platform and also serves as Deputy Spokesperson of the House, spoke to journalists in Abuja on Thursday. His remarks followed President Bola Tinubu's request to the House for approval of a new external borrowing plan worth about N10.8 trillion, contained in the 2026 Appropriations Act.
Source: Facebook
The President had written to the House on Wednesday, November 10, explaining that the funds were needed to finance projects under the Appropriations Act and consolidate macroeconomic gains already recorded.
Q2 2026 Budget Report Findings
The Budget Office of the Federation published the Second Quarter 2026 Budget Implementation Report on November 7. The report showed that government revenue reached about N11.9 trillion in the first half of the year. It also recorded that Nigeria's economy grew by 4.43 per cent in Q2 2026, its strongest quarterly growth since Q3 2024, with nominal GDP climbing to N119.29 trillion, driven by improved crude oil production and resilient non-oil sector activity.
Agbese said the numbers reflected deliberate policy efforts.
"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," he said.
He added:
"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."
Agbese Speaks On Proposed External Borrowing
The lawmaker argued that the borrowing request should be weighed against the country's genuine funding needs and the drive to keep critical development projects on track. He described it as an opportunity for the executive and legislature to deepen cooperation on infrastructure financing.
Agbese called on ministries, departments and agencies to sharpen budget execution, improve accountability and ensure that allocations produced measurable results for citizens.
"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.
“Borrowing is not Leprosy”: Tinubu Defends Loans
Meanwhile, Legit.ng previously reported that President Tinubu insisted that his administration will continue to borrow for infrastructure development whenever necessary.
He said:
“If we have to borrow, we borrow. Borrowing is not a leprosy; we just have to work hard to be able to pay for it.”
Source: Legit.ng
