AN ECONOMY WITHOUT A BUDGET
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 delay, 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 STUDY
The aim of this research is to put in place and view the management functions of budgeting. In order to underline the view that success in any economy a lies 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 SIGNIFICANCE 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 delay in implementing budget. Thus affecting the growth of the economy.
1.5 LIMITATION OF STUDY
As a result of insufficient time and financial mobilization, the study was a bit limited.
