ASSESSMENT OF FACTORS RESPONSIBLE FOR BUDGET FAILURE IN NIGERIA.
in ACCOUNTING PROJECT TOPICS AND MATERIALS on September 3, 2020
CHAPTER ONE
Introduction
In any modern state, for a meaningful national economic management and development, public budget is an important instrument. The state’s desire to be democratized, and having adequate civil society participation, prompt response to development and desire to eradicate or reduce poverty level in the country has altogether caused the focus on budget to assume a greater importance. The budget is the principal instrument of fiscal policy. Budget policy exercise control over size and relationship of government receipts (revenue) and expenditure (Edame, 2010). In Nigeria, return to civil rule has given budget its proper status, because the due process of articulating it is guided jealously by the legislature. During military rule budget is only prepared and read to the nation. But under civilian rule budgeting involved wider consultation because of its importance towards nation building and developmental issues.
The annual budget is a document which contains the entire programmes of the government in a given fiscal year. It shows the expectations and intentions of the government in a particular fiscal year. Most importantly, it contains the expected revenue and expenditure of government within a given financial year. Olomola (2009), observed that the role of budget in an economy cannot be overemphasized. A budget is an important economic instrument of national resource mobilization, allocation and economic management. It is an important economic instrument for facilitating and realizing the vision of government in a given fiscal year. A budget has to be well- designed, effectively and efficiently implemented, adequately monitored and its performance well evaluated.
