The Role of Budgetary Control in Enhancing Financial Performance in Nigerian Universities: A Case Study of the University of Nigeria, Nsukka
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Background of the Study
Budgetary control is a critical financial management tool that ensures optimal utilization of resources within an organization. It involves the preparation, monitoring, and adjustment of budgets to achieve organizational goals. In Nigerian universities, effective budgetary control is essential for addressing funding challenges, ensuring accountability, and enhancing financial performance (Eze & Okafor, 2023).
The University of Nigeria, Nsukka (UNN), as a prominent public university, faces issues such as inadequate funding, resource mismanagement, and financial inefficiencies. These challenges underscore the importance of robust budgetary control mechanisms to improve financial outcomes and operational efficiency (Ogunleye & Balogun, 2024).
This study investigates how budgetary control contributes to enhancing financial performance at UNN, with a focus on its effectiveness, challenges, and implications for resource management.
Statement of the Problem
Despite the critical role of budgetary control in financial management, many Nigerian universities, including UNN, experience financial inefficiencies due to weak implementation and monitoring systems. Issues such as over-expenditure, misallocation of funds, and lack of accountability hinder the achievement of financial goals (Ajayi & Adewale, 2024).
This study seeks to address the gap in understanding the relationship between budgetary control and financial performance in Nigerian universities, focusing on the case of UNN.
Objectives of the Study
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To examine the relationship between budgetary control and financial performance at the University of Nigeria, Nsukka.
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To identify challenges affecting budgetary control implementation at UNN.
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To recommend strategies for improving budgetary control to enhance financial performance at UNN.
Research Questions
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What is the relationship between budgetary control and financial performance at UNN?
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What challenges affect budgetary control implementation at UNN?
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What strategies can improve budgetary control at UNN to enhance financial performance?
Research Hypotheses
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Budgetary control does not significantly influence financial performance at UNN.
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Challenges do not significantly affect budgetary control implementation at UNN.
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Proposed strategies do not significantly improve budgetary control at UNN.
Scope and Limitations of the Study
This study focuses on the role of budgetary control in enhancing financial performance at UNN from 2018 to 2024. Limitations include potential resistance to providing financial data and the limited availability of secondary data on budgetary practices.
Definitions of Terms
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Budgetary Control: The process of preparing budgets and monitoring actual performance against those budgets to ensure efficient use of resources.
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Financial Performance: A measure of an organization's financial health, profitability, and resource utilization.
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Resource Management: The efficient and effective allocation and use of financial, human, and material resources.
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