(Ecofin Agency) - The Federal Government of Nigeria is all set to release N350billion ($1.1billion) as the first tranche for the implementation of the 2017 budget, according to the Minister of Finance, Kemi Adeosun (photo).

Speaking at the public presentation of the 2017 Appropriation Act in Abuja on Monday, Adeosun explained the government currently has sufficient fund to commence the execution of key projects and initiatives planned for the 2017 financial year. “We are ready, we are having a cash-plan meeting very soon and after that, N350 billion will be released as first tranche of capital releases for the 2017 budget.”

Speaking in the same vein, the Minister of Budget and National Planning, Udoma Udo Udoma, explained that the funding of projects would now be on Project-Based Release System. This aims to reduce waste of public funds by Ministries, Departments and Agencies (MDAs).

For his part, the Director-General, Budget Office of the Federation, Ben Akabueze, said the Office had introduced a new system known as “Citizen Portal” to provide insights into the 2017 budget in a non-technical way for Nigerians.

“It is important for citizens to understand the budget, especially its key deliverables and their role in its implementation. When citizens do not fully understand the budget, it significantly limits their ability to engage with the budget process and hold government accountable for the prudent management of financial resources entrusted to it.”

Let’s recall that Nigeria's acting president, Yemi Osinbajo, last week signed the 2017 budget into law. The $24.4 billion budget is N1 trillion higher than the amount proposed by President Muhammadu Buhari in December 2016, to get the country out of its first recession in 25 years.

Anita Fatunji