CHAPTER ONE
1.1
INTRODUCTION
For an economy to achieve it’s goal,
it is pre-determined at it’s effective
performance at the least possible
cost. One mechanism to embark it’s
budget is the budget.
The
growth of any organization is determine by planning. Planning helps in deciding
ahead of the future on what to do, how to do it, when to do it and who to do
it.
The success of any organization lies
on planning. Therefore planning means
the setting of organizational goals and the means of achieving it. An economy without a plan has fail to plan.
Budgeting system guides the planning
process.
Definition of Budget:
The
Oxford Dictionary of accounting defines budget as “a financial or quantitative
statement prepared prior to a specified period, contained plans and policies to
be pursued during the period.
The
states budget is prepared by its management and the process involve a higher
degree of complexity than budgets prepared by business organization.
1.2
STATEMENT OF PROBLEM
The problem of Nigeria budget
is the delayance, it has been a
problem to those in charge of the
formulation of the budget and the people involve in the implementation.
The delay in the presentation of
budget in any organization affects the economy thereby making it impossible to
attain to its goal; thus guiding on economy to remain stagnant.
An economy without a budget can not
operates; if it can, then how?
1.3
PURPOSE OF STUTY
The aim of this research is to put
implace and view the
management functions of
budgeting. In order to underline the
view that success in any economy alies not or occurs by chance, but enhancing a
creative instants the ability to take advantage of opportunities through
deliberate planning.
This
research seeks to create awareness about negative impact of an economy without
a budget and to make recommendation. It
with also oblige government into making an early study of it’s problems,
signifying and instilling into the government the habit of careful study before
reading the budget.
1.4
SIGNIFANCE OF STUDY
It is not only preparing of budgets
that matter but
implementing it that is of paramount
important.
The
government have to address the issue on how to eliminate delayance in
implementing budget. Thus affecting the growth of the economy.
1.5
LIMITATION OF STUDY
As a result of insufficient time and
financial mobilization
which has hindered the researcher the
demands fo his work to attain or meets it’s goals.
However, few institutions are chosen
out of many for the
requirements of the research work.
1.6
SCOPE OF STUDY
In any developing country, delayance
in budget, is now
inevitable in the development of
economy. Much consideration will only be
on planning and budgeting section, so as to arrive the result that will form a
basis for making generalization for the whole economy on the reasons, causes and
effect of delay in preparing budgets.
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