Overview

The 2017 First Quarter Budget Implementation Report (BIR) provides information on the utilization of budgetary resources by government agencies during the first quarter of the 2017 fiscal year in Nigeria. The 2017 Budget is themed 'Budget of Recovery and Growth' and is linked to the Economic Recovery and Growth Plan (ERGP) 2017-2020, aiming to restore the Nigerian economy to robust and sustainable growth. The report is published in fulfillment of Sections 30 and 50 of the Fiscal Responsibility Act (FRA), 2007, which mandates the Budget Office of the Federation to prepare periodic implementation reports for the Joint Finance Committee of the National Assembly and the Fiscal Responsibility Commission. The foreword by Senator Udoma Udo Udoma, Honourable Minister of Budget and National Planning, emphasizes the importance of the budget as a policy instrument for resource allocation and commends the efforts of the Budget Office and relevant MDAs. The preface notes that the 2016 fiscal year was challenging due to revenue and external balance strains, but macroeconomic conditions began to normalize by late 2016. However, implementation in Q1 2017 faced challenges from still-stressed macroeconomic conditions, tepid recovery, late budget passage, and shortfalls in oil and non-oil revenue receipts. The report is a product of joint efforts by financial and statistical agencies.

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