THE ROLE OF BUDGETING IN THE PRESENT NIGERIA ECONOMIC SITUATION (A CASE STUDY OF INSTITUTE OF MANAGEMENT AND TECHNOLOGY) I.M.T

THE ROLE OF BUDGETING IN THE PRESENT NIGERIA ECONOMIC SITUATION (A CASE STUDY OF INSTITUTE OF MANAGEMENT AND TECHNOLOGY) I.M.T

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ABSTRACT

Budgeting have a role to play in this present economic development of Nigeria.  Budgeting which is defined as “A financial statement prepared and approved prior to a defined period of true of the policy to be purpose of attaining that period for the purpose of attaining a given objectives is primarily a process of planning and control.  A well prepared budget provides management with a planned programme based on research by the entire organization.  In addition, a carefully planned budget, provides owing to co-ordination the various actions of the organization.  Budgeting is the most comprehensive financial technology widely used within an organization.  When it is properly applied as a management process and toll it unites all parts of the institution and all aspects of management task into one complete management approach to profitability.

Budgeting positions one’s mind of the actual result or outcome with the predetermined plan.  In other words, with good budgeting, the result of every effort can be forecasted.  Through a good budgeting by exports there will be a standard economy, Budgeting reduces wastage of manpower, it also reduces wastage of finance.

Therefore, in order to avoid problems in carrying or preparing budget, budgeting should be carried out exactly there way it is being laid down by the experts if there is any correction or variation to be made in future, the experts should be involved.

CHAPTER ONE

Introduction                                                                                 1

1.1     Background of the study                                                   3

1.2     Statement of problem                                                         4

1.3     Objective of the study                                                        7

1.4     Hypothesis/Research Question                                           8

1.5     Significance of the study                                                   8

1.6     Scope/Limitations of the study                                           9

1.7     Definition of terms                                                            10

CHAPTER TWO

Review of related literature                                                          13

2.1     History of Budgeting                                                         13

2.2     Early History of inflation                                                   15

2.3     Control of inflation                                                            18

2.4     Accounting views in I.M.T                                                20

2.5     Different views in Budgeting                                             20

2.6     Budgeting process                                                             23

Reference                                                                           25

CHAPTER THREE                          

Research design and area for the study                                        27

3.1          Population of the study                                                      28

3.3     sample and sampling procedure                                         28

3.4     instrument for data collection                                             28

3.5     method of administration of the instrument                       29

3.6     Method Of Data Analysis                                                 29

CHAPTER FOUR

Data Presentation                                                                         31

4.1     Data Analysis                                                                    32

CHAPTER FIVE

Summary of findings, conclusions and recommendation.            58

5.1          Summary of findings                                                         58

5.2          Conclusion                                                                        59

5.3     Recommendation                                                               60

5.4     Suggestion for Further Study                                            60

Research methodology                                                      27

Research design and area for the study                                        27

3.2          Population of the study                                                      28

3.3     sample and sampling procedure                                         28

3.4     instrument for data collection                                             28

3.5     method of administration of the instrument                       29

3.6     Method of Data Analysis                                                  29

CHAPTER FOUR

Data Presentation                                                                         31

4.1     Data Analysis                                                                    32

CHAPTER FIVE

Summary of findings, conclusions and recommendation.            58

5.3          Summary of findings                                                         58

5.4          Conclusion                                                                        59

5.3     Recommendation                                                               60

5.4     Suggestion for Further Study                                            60

CHAPTER ONE

 

 

1.0     INTRODUCTION

The world generally had been in a state of permanent economic crisis for quite sometime, every government and organization (public and private) round the globe is faced with the issue of how to combat economic depression and stablize their economic affairs.

In Nigeria presently, there has been the problem of unexecuted plans and abandoned project by the federal and state governments and industries not because there was no completion fund to compound these project to completion, but because of lack of well certiculated plans and control measure coupled with scarcity of resources.  Institute of Management and Technology for instance have such projects, which have been abandoned for years such as the uncompleted building in campus 11, the research institution (Bakassi) and many others.

Because of the above mentioned the researcher has decided to vary out her project titled “The role of budgeting in the present Nigeria situation”.” Budgeting evolved to and management optimize scarce resources which  have alternative uses.  Tertiary institution being a non – profit making organization requires stability and order units affairs in the face of inflationary  economic situation facing Nigeria currently.

There has been to be a more certain long to improve the management function of planning and control so as to be able to find its activities and projects adequately, this is on explanation for the growing interest in the role of budgeting.  Although, budgeting has been scourced by some as exercise in futility because of is depending upon the fore casting future events which cannot be fore told with precision is yet being found by most business executive to be the best to find a tranquil harbour in the storm battered world economy.

Budgeting which is defined as a financial statement prepared and approved prior to a defined period of time of the polving to be pursued during that period for the purpose of attaining of given objective.  (Moore, C. L. and Jaedike, R. K. Managerial Accounting 5th ed. (USA; S.W. Publishers (1980): is primarily a process of planning and control. A well-prepared budget provides management with a planned programmed based on research by the entire organization.  in addition, a carefully planned budget provides away to co-ordinable and various actions of the organization.

There are many write-ups in books, journal, magazines and newspaper on budgeting both this project will critically examine its examine its role in non-profit making organization, especially to institution of management and Technology (I.M.T) Enugu.

1.1          BACKGROUND TO THE STUDY

The Institute of Management and Technology came into life as a result of the merging of two schools – institute of Administration and college of Technology in April, 1972.

In October of the same year a provisional council of the proposed new Institute was appointed by the cast controls state government.  the council was commissioned to determine and recommend to the government the Institute that would produce high quality technologists as well as Professional Managerial Manpower in subject areas directed by the state and national needs.  The council submitted its reports in early April, 1983.

On 31st May 1973, ediction No. 10 of 1973 titled “The Institute of Management and Technology (IMT) Enugu (Source Senior Staff Establishment of IMT Enugu).

1.2          STATEMENT OF PROBLEMS

Polytechnics and other Tertiary Institutions in Nigeria or edicts by the government as a non-profit making organization most of their capital and recurrent expenditures are being financed by the federal and state government.  And they are regarded as government parastatals.  Financing, Tertiary Institute in Nigeria requires a huge human and material resources especially with their ever increasing number disciplines students, and staff coupled with the recent economic situation the role of funding the tertiary institute has become too heavy for the

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