ASSESSMENT OF FACTORS RESPONSIBLE FOR BUDGET FAILURE IN NIGERIA

CHAPETR ONE

INTRODUCTION 

1.1        Background of the study

1.2        Statement of problem

1.3        Objective of the study

1.4        Research Hypotheses

1.5        Significance of the study

1.6        Scope and limitation of the study

1.7       Definition of terms

1.8       Organization of the study

CHAPTER TWO

2.0   LITERATURE REVIEW

CHAPTER THREE

3.0        Research methodology

3.1    sources of data collection

3.3        Population of the study

3.4        Sampling and sampling distribution

3.5        Validation of research instrument

3.6        Method of data analysis

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS AND INTERPRETATION

4.1 Introductions

4.2 Data analysis

CHAPTER FIVE

5.1 Introduction

5.2 Summary

5.3 Conclusion

5.4 Recommendation

Appendix

 

Abstract

The main objective of this study is to assess the factors responsible for budget failure in Nigeria. To achieve this broad goal, the econometric model of Analysis of variance (ANOVA) regression test was employed for analysis and time series data span from 2010 to 2015. The finding shows that budget in the public sector of Nigeria has almost become a ritual or a yearly affair which though good in content but without appreciable result. The issue of budget failure in Nigeria is of concern to the general public. The dependent variable was represented by budgeted amount for the selected period, while the independent variable were gross domestic product (GDP) which represent the economic planning, and poverty index represents social development. The results revealed that budgeting has a strong relationship with Nigerian GDP. The results further showed a strong relationship between budgeting and poverty index (PI).

 

 

 

 

 CHAPTER ONE

INTRODUCTION

Background of the study

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.

1.2 STATEMENT OF THE PROBLEM

Development in the public sector is attributed to the fiscal and monetary actions of the government. These actions propel the need for effective allocation of resources, social cohesion and fairness dealing with structural development at all unit of the society. But the Nigerian economy is faced with series of imbalances in their implementation of budget and economic policies, despite the availability of the various source of fund to the government. Several budgets have been designed with the sole purpose of economic planning and social development, but have not led to higher level of better service delivery, more accomplishment, more improvement or more resolution of public problems because there are so many variables such as resource leakage, poor management and contractors characteristics that militate against its success. This paper is designed to assess the causes of budget failure with the view to proffer policy recommendations on how to eliminate it.

 

1.3 OBJECTIVES OF THE STUDY

The objective of this study is to assess the causes of budget failure in Nigeria. Specifically, the study seeks to:

1. determine the budgetary role in the economic planning of Nigeria;
2. examine the effectiveness of budgeting in social development of the Nation.
3. there are factors responsible for budget failure in Nigeria

 

1.4 RESEARCH HYPOTHESES

 

For the successful completion of the study, the following research hypotheses were formulated by the researcher;

H₀: There is no significant relationship between budgeting and economic planning in Nigeria

H₁: There is significant relationship between budgeting and economic planning in Nigeria

H₀²: There is no significant relationship between budgeting and social development in Nigeria

H₂: There is significant relationship between budgeting and social development in Nigeria

1.5 SIGNIFICANCE OF THE STUDY

The study will give a clear insight on assessment of factors responsible for budget failure in Nigeria. The study will be beneficial to students, government of Nigeria. It will also serve as a reference to other researchers that will embark on this topic.

1.6 SCOPE AND LIMITATION OF THE STUDY

The scope of the study covers assessment of factors responsible for budget failure in Nigeria. The researcher encounters some constrain which limited the scope of the study;

1. a) AVAILABILITY OF RESEARCH MATERIAL: The research material available to the researcher is insufficient, thereby limiting the study
2. b) TIME: The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
3. c) Organizational privacy: Limited Access to the selected auditing firm makes it difficult to get all the necessary and required information concerning the activities.

1.7 DEFINITION OF TERMS

ASSESSMENT: the action of assessing someone or something.

FACTORS: A circumstance, fact, or influence that contributes to a result.

BUDGET: A budget is an estimation of revenue and expenses over a specified future period of time; it is compiled and re-evaluated on a periodic basis.

FAILURE: Failure is the state or condition of not meeting a desirable or intended objective, and may be viewed as the opposite of success. Product failure ranges from failure to sell the product to fracture of the product, in the worst cases leading to personal injury, the province of forensic engineering

1.8 ORGANIZATION OF THE STUDY

This research work is organized in five chapters, for easy understanding, as follows

Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study. Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature. Chapter three deals on the research design and methodology adopted in the study. Chapter four concentrate on the data collection and analysis and presentation of finding.  Chapter five gives summary, conclusion, and recommendations made of the study

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