What BudgIT plans to do with new $3 million investment

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Earlier this week, indications emerged that BudgIT’s , a Nigerian startup making government and public institution’s spending available to the public, has raised a $3 million grant for 3 years from Omidyar Network and Bill and Melinda Gates foundation forcing the Founder, Oluseun Onigbinde to officially corroborate the story this morning.

Oluseun Onigbinde, who referred to the raise as a “floor fund” because, in his words ” the size of BudgIT’s dream needs more” gave very little suggestions on the way the funds will be deployed at the time of the corroboration, with just a pledge that there will soon be an explainer to that effect.

However, in a chat with the Founder, Enterprise54 has been able to gather that the investments would primarily be used for their community service. He further explained that the investment will be used to pursue different fronts of the startup’s transparency and accountability objective.

He said “These recent fundings are tied to our next five year plan focused on building intersections in multi-sectors; citizens, government, media and civil society, developing a sustainability approach in terms of talent retention and deepening the civic tech culture in Nigeria and beyond. The 36-month support from Gates Foundation is focused in deepening our work in sub-national engagement in Nigeria. There has been deep neglect of fiscal transparency in the states as revealed with the recent financial crisis, where over 24 states cannot meet personnel obligations as at when due.”

The Omidyar Network funding “will be focused on enabling BudgIT to grow its organizational capacity, especially at state level, and to expand its work with government and institutional stakeholders into Abuja. We plan to expand our project tracking to 20 states and over 100 communities.”

According to him, most of the time locals do not know there’s a plan for them in the budget. He claimed that BudgIT is changing this narrative by engaging local chiefs, letting them know about the allocation/project in the budget for them and make them demand the materialization, with about 3 0f their community projects already yielding impact in the communities.

 

From all indications, Tracka, an initiative of BudgIT that enables people to collaborate and track capital projects in their community and give feedback to government and communities will take a large chunk of the fund.

happywheels

I'm interested in stories, news and opportunities for African entrepreneurs. Be it tech, fashion, SMEs; breaking entrepreneurship stories is the next best thing that can happen to me, after Jollof

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