CHALLENGES AND PROSPECT IN BUGGETARY SYSTEM IN PUBLIC SERVICE IN NIGERIA
- Project Research
- 1-5 Chapters
- Quantitative
- Simple Percentage
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 5000
Background to the Study
Budgeting is an important concept that is pertinent to any organization (Schadone, 2012). In very generic terms also, Igbara, Tordee, Nwadike and Abuba (2016, p.1) described the budget as the distribution of resources (most often money) for certain purposes and as the word can be attributed to mean “Pouch” or “Purse”, a budget therefore is what is in the pouch. A budget to these authors is a measurable manifestation of a strategy for a defined period of time. It may include deliberate sales volumes and revenues, resources, quantities, costs and expenses, assets, charges and cash flows. It expresses strategic plans of government, business units, organizations, and activities or events in demonstrable terms. Igbara, Tordee, Nwadike & Abuba (2016, p.3) further highlighted:
“A budget is equally an authority for public officers to collect taxes, fees, charges and fines. It is also an authorization for the officials to spend public revenue as provided in the approved allocations and in accordance with the financial regulations. The authorization by the legislature promotes the principle of popular sovereignty. It also serves as an essential device for relating total expenditure to total revenue. A budget is a scientific means of quantification and measurement of services in terms of expenditure within a given period” The budgeting concept in fact possesses a public-sector origin. According to Igboeche (2017, p.52) therefore, the term “budget” is derived from an old English word Bougett which means a sack or pouch. It was a leather bag from which the British Chancellor of Exchanqer extracted this paper to the Parliament, the government’s financial programme for the ensuing fiscal year. Citing Omolehinwa (2005) Malgwi and Unegbu (2012, p.1) presented the same historical context of budget origins as follows: The word ‘budget’ originated from a French word, bougette, meaning little bag. In Britain, the word was used to describe the leather bag in which the Chancellor of the Exchequer used to carry to the parliament, the statement of government needs and sources. After several thoughts of consensus, the budget became the document contained in the bags which represent plans of government expressed in money and submitted to legislature for approval. For Sachdeva and Sogani (1980) in Ekhator & Chima (2015, p.2), the budget in modern times means a financial scheme or statement or the document which contains estimates of revenue and expenditure for a year. Ekhator and Chima (2015,) further amplified: This means that budget is a statement of the probable revenue and expenditure for the ensuing year, with financial proposal founded thereon. However, budget these days is something more than an estimate of revenue and expenditure. It has developed into an elaborate system of financial management which includes not only a plan of public revenue and expenditure but the whole of material finances which are disclosed in ministerial statement placed before the legislature and the orderly administration of the financial affairs of the government. Bhattacharya (2000) in Ekhator & Chima (2015, p.2) further highlighted that a budget is more than estimates of revenues and expenditures, but encompasses reports regarding how government managed affairs in the previous year, the condition of public treasury, programme of work for years to come and how such work should be financed. Ekhator and Chima (2015, p. 2) hence itemized the characteristics of budgets as follows:
i. Clear identification of all activities to be carried out within the budget period;
ii. Accurate estimate of the resources required to carry out the activities identified;
iii. Allocation of funds amongst competing departments and activities along predetermined priorities; and
iv. Formulation of appropriate policies to guide and support the implementation of the budget.
1.2 Statement of the Problem
Over the years, public institutions have operated on a deficit budget. This has forced the institution to reduce the allocation to the user department and thus the implementation of the budget has been a challenge to the public institution. The funding level from the government was grossly understated over the years. Public institution had to use fund generated internally to complete some of the government initiated projects at the expense of other critical activities. The policy of releasing recurrent and development fund to public institution has been a hindrance to efficient administration of institution operation, therefore this research will embark on investigating the challenges and prospect in budgetary system in public service, using the Federal Ministry of Education as a case study.
1.3 Objective of the Study
The main objective of this study is to find out the challenges and the prospect of budgetary system in public service, specifically the study intends to:
1. Analyze the effect of effective budgetary on development of the ministry of education in Nigeria
2. Find out the challenges and prospect of budgeting in the federal ministry of education
3. Proffer solution to the challenges of budgetary in the public sector
1.4 Research Question
1. Is there any significant effect of effective budgetary on development of the ministry of education in Nigeria?
2. What are the challenges and prospect of budgeting in the federal ministry of education?
3. What is the solution to the challenges of budgetary in the public sector?
1.5 Research Hypothesis
Ho: there is no significant effect of effective budgetary on development of the ministry of education in Nigeria
Hi: there is significant effect of effective budgetary on development of the ministry of education in Nigeria
1.6 Significance of the Study
This research would provide the government and management in the public sector with an insight into the various approaches towards budgetary and how budgets could be used as a planning, control and performance measurement to ensure efficient utilization of resources. And also this study would be useful to the academicians, it will provide a useful basis upon which further research studies on budgetary could be conducted.
1.7 Scope of the Study
This study will be examine the challenges of budgeting in Nigeria public service and the prospect, concept and literatures on budgetary will be examined and also this research will use the federal ministry of education as a case study.
1.8 Delimitation of the Study
Finance for the general research work will be a challenge during the course of study. Correspondents also might not be able to complete or willing to submit the questionnaires given to them.
However, it is believed that these constraints will be worked on by making the best use of the available materials and spending more than the necessary time in the research work. Therefore, it is strongly believed that despite these constraint, its effect on this research report will be minimal, thus, making the objective and significance of the study achievable.
Related Project Materials
EMPLOYEES' DISCIPLINE AND ORGANISATIONAL PERFORMANCE IN RAMAT POLYTECHNIC
Background Of The Study
Organisational performance refers to the effectiveness of a...
Barriers to Cost Accounting Implementation in Rural Businesses in Soba Local Government Area
Chapter One: Introduction
Background of the Study
Cost accounting plays a critical role in ensuring effective financial managem...
An examination of ethical finance practices in Islamic banking
Background of the Study
Ethical finance practices in Islamic banking represent the very foundation of the sector, wherein...
The Impact of Digital Trade Platforms on Nigeria’s International Market Access
Background of the Study :
Digital trade platforms are revolutionizing the way businesses access global markets by enabling...
An evaluation of interest rate stability on deposit mobilization in banking: a case study of Fortis Microfinance Bank
Background of the Study
Interest rate stability is a fundamental factor in fostering depositor confidence...
An appraisal of school STEM policies and their effectiveness in Surulere LGA, Kwara State
Background of the Study
School STEM policies are critical frameworks that guide the integration and implementation of scie...
An evaluation of risk management practices on non-performing loan ratios in banking: a case study of First City Monument Bank
Background of the Study
Risk management practices are essential for maintaining a healthy loan portfolio and ensuring the financial stabi...
THE EFFECTIVENESS OF FINANCIAL LITERACY EDUCATION IN VOCATIONAL TRAINING
ABSTRACT: This study examines the effectiveness of financial literacy education in vocational training programs, focusing on its impact on stu...
An Investigation into Climate Change-Induced Displacement and Its Public Health Consequences in Borno State
Background of the Study
Climate change-induced displacement is emerging as a major challenge in regions a...
THE INFLUENCE OF MARKET RESEARCH ON IDENTIFYING CUSTOMER NEEDS
THE INFLUENCE OF MARKET RESEARCH ON IDENTIFYING CUSTOMER NEEDS
This study explored the influence of market research on identifying custom...
