THE ROLE OF BUDGETING IN NIGERIA ECONOMY

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THE ROLE OF BUDGETING IN NIGERIA ECONOMY

CHAPTER ONE

1.0     Introduction

• Background of the study


• Statement of problem


• Objective of study


• Hypothesis / research question


• Significance of the study


• Scope and limitation of the study


• Definition of terms

CHAPTER TWO

2.0     Review of related literature

• Review of related literature


• History of budgeting


• Early history of inflation


• Control of inflation


• Different view on budgeting


• Budgeting process

CHAPTER THREE

3.0     Research methodology

• Research design and area for the study


• Population of the study


• Samples and sampling procedure


• Instrument for data collection


• Method of administration of the instrument


• Method of data analysis

CHAPTER FOUR

4.0     Data presentation/result

• Data analysis


• Government (state) subvert vs budgeting recurrent estimates for 1995 /96


• Does the institution prepare annually


• Can the management of the institution achieve its objective without budgeting


• Do the roles of budgeting in the face of inflationary pressure charge in accordance with the size and nature of the organization


• Does budgeting in the face of inflation pressure accomplish its wanted role in your institution?


• Does budgeting have a positive impact on management


• Is budgeting part of planning


• Does budgeting compel management to plan


• Does budgeting co-ordinate activities


• Does budgeting evaluates perform formance


• Does budgeting enable and have communication


• Does budgeting encourages participation


• Is budgeting a motivation device


• Is budgeting a control device


• Are there difficulties in setting a realistic target


• Are there difficulties in preventing stack


• Is budgeting useful in the period of frequency arrastic change

CHAPTER FIVE

5.0     Summary of Finding, Conclusion and Recommendation

5.1     Summary of finding

5.2     Conclusion

5.3     Recommendation

5.4     Suggestion to further study

Reference/Bibliography

CHAPTER ONE

• INTRODUCTION

The entire world today had seen in a condition of constant economic crisis for quite sometime. Every citizen of this century, public and private organization are faced with the issue of how to control economic depression and stabilize their economic affairs.

In this country presently, there had been the issue of unexecuted plans and abandoned projects by the federal and state government industries and individual co-operation, this is not because if there is no fund available to complete this project but become of lack of well  circulated plans and control measures join with scarcity of resources. In this case of some states where you will find some project not completed.

With the burden of the situation of this, going on in our country, the researcher had decided to carryout her project tithe.

“The role of budgeting in Nigeria economy to know the importance of budgeting in everything we are doing. Budgeting evolve management optimize scarce resources which have alternative uses. Tertiary institution being a non – profit and order unit affairs in the face of inflationary economic situation facing Nigerian currently.

There has been to be a more certain long to improve the management function of planning and control so as to be able to find its activities and projects adequately is on explanation for the growing interest in the role of budgeting.

Budgeting which is defined as a financial statement prepared and approved prior to a defined period of time of the polving to be purchase during that period for the purpose of attaining of gives objectives. Moore, C.C. and Jaedike, R.K managerial accounting 5^th ed. (USA, S.W. Publishers 1980); is primarily a process of planning and control. A well prepared budgeting provides management with a pannier programmed based on research by the entire organization. In addition, carefully planned budge provides away to co-ordinate and various actions of the organization.

1.1     BACKGROUND OF THE STUDY

The background of budgeting in Nigeria economy has been a thing of old. It all started from the beginning of this world, in the time of Adam, the first man in the bible, in the time of pharaoh the king of Egypt when he made Joseph the governor to take care of food-stuff for the famine period to come which involves budgeting. In terms of Nigeria economy, budgeting started from the beginning protocol. It deals with summary of the intended revenue and expenditures of that government. Which is passed to congress after preparation for correction before use?

• STATEMENT OF PROBLEM

Budgeting is futuristic in nature and any attempt to quantitatively state the future is an estimate or at best a far approximation of the future event. Problem in budgeting is either over or under approximation. This is other words variance, which may at times be totally out of range, making in use for control purpose difficult.

• The rate of inflation is hard to predict so that budgeting for the price levels, seems to be largely guess work.

Budgeting comprises of all aspects of organization activity such that any part that has problem at one time, it generate and multiple. Also, human element in budgeting increases its probabilistic nature and therefore is likely to make it more probabilities; there may also be inadequate motivation. The problem of motivation. The problem of motivation is the excessive loss of purchasing power of the naira in the foreign exchange market, this is because of financial incentive believe to be main motivational method desired and practical in Nigeria.

Where the level of education and skilled manpower is how, the highest level of aspiration of many workers remain in the range of satisfying lower level needs.

With all this, the executive manager may like to strike in budgeting as a means to solving the problems.

All there problems occur due to the inflationary pressure in managerial organization. Therefore the researcher, concentrated on budgeting the face of inflationary pressure with due consideration to other problems, suggestion for there possible solution.

• OBJECTIVES OF STUDY

• To ascertain the impact of inflation and other unforeseen variables on the use usefulness of budgeting .


• To ascertain the role of budgeting in the face of inflationary pressure. To analyze impact of role of budgeting in the face of inflationary pressure.


• A fundamental purpose of management planning is to provide for a feed forward process. The concept of feed – forward is to provide each manager with guideline for making operational decisions on a day to day basis. Budgeting involves making plans and monitoring activities to see whether they conform to the plan. This requires co-ordination and control.


• The budgeting process provides for the co-ordination activities and departments especially through a master budget which summarizes the entire supporting budget. This process involves interpersonal relationship of people in the work situation as they exchange views, ideas, prejudices and other attitudes co-ordination here requires a business to be in a whole rather than as a group of separate department.


• Control in the objectives of budgeting is the actions to ensure that objectives, plans, policies and standards haven been developed control can only take effect where there is plan, control also takes effect by measuring the result of operation and comparing with the actual results.
  
  
  
  • HYPOTHESIS / RESEARCH QUESTION


• Do managerial department need budgeting in the beginning of there operation?


• Do managerial department need budgeting during inflationary period?


• Is budgeting cost effective during economic boom than necessary on inflationary period.


• How does managerial department react to budgeting during economic depression


• Do managerial department engage in budgeting


• Is there a clear difference between the role of budgeting during economic boom and depressionary period?
  
  
  
  • SIGNIFICANCE OF THE STUDY

This project will provide a beneficiary insight into the nature and rules of budgeting in the face of inflationary pressure to the managerial organization. This will also be of benefit to other organization (profit or non-right making) with insight to the effectiveness of budgeting in inflationary period.

This study will be of great help to society, the federal, state and local government. This will also as a reference to students who are writing on the topic related to this topic in future and lastly, to the researcher, understanding and appreciation of the subject matter.

• SCOPE AND LIMITATION OF THE STUDY

This study was limited to budgeting as obtainable in managerial organization. The major problems of this study are as follows:

• Collection of data of collection of data is a big problem in our society today due the fact that the staffs are afraid of being exposed or exposing their office.


• Finance is to finance a research work need a huge amount of money, this research in a single hardly funded by the researcher who also have other financial commitment in regard to their relevant course.


• Time as the researcher had to allocate some time to this research work because of her employment in classroom work. Inadequate time therefore had primary affect on this research and limited it accordingly.
  
  
  
  • DEFINITION OF TERM

In order to explain this research very well, the following terms are being defined by:

BUDGET: Budget as defined by institute of cost and management accountants is “A” financial or quantitative statement, prepared and approved prior to a defined period of time of the policy to be pursued during that period for the purpose of attaining a given objectives.

It is also an expression of plan of action prepared in advance of the period to which it relates.

BUDGETING:- Budgeting is the principal tool used by the management in fulfilling it responsibilities.

BUDGETING CONTROL: This is the planning in advance of the various function of a business so that the business as a whole can be controlled.

PLANNING:  Planning is an inculpable part of all human activity and can be defined as the establishment of objectives, foundation, evaluation and selection of policies, strategies, tactics and action required to achieve these objectives.

INFLATION:- This is the ever increasing prices of goods and services which means a situation of persistent in prices of commodities without a proportionate increase in the supply of the commodities.

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