The Nigerian government has said it is set to release N350 billion, being the first tranche for the implementation of the 2017 capital projects.
Minister of Finance, Kemi Adeosun spoke Monday in Abuja at the public presentation of 2017 Appropriation Act, saying the Federal Government had enough cash to immediately begin the execution of key projects and initiatives scheduled for the 2017 fiscal year.
Also speaking, Minister of Budget and National Planning, Udoma Udoma said funding of projects would be anchored on project Based System to check waste of public funds by Ministries, Departments and Agencies.
He said the release was evidence of compliance with the Bureau of public Procurement Act.
He said from now on, no MDA was authorized to go onto a foreign denominated contract without the approval of Ministers of Budget and National Planning, and Finance