THE ROLE OF NIGERIA MONEY MARKET IN SAVINGS MOBILIZATION

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

 

ABSTRACT

This research is on an issue which is of great importance to the Nigeria economy, it is on the Nigeria money market and its role in savings mobilization.

The seminar report comprises of three chapters, chapter one is on the introduction of the topic, chapter two is on the review of the existing literature relating to the subject matter, chapter three dealt on summary of finding recommendations and conclusions.

The research traced the evolution, development, objectives for its establishment and instruments used in the Nigeria money market in mobilizing savings.

Also touched were the efficiency of the Nigeria money market in savings mobilization and lastly, the problems and prospects of the market and the importance of the money market in savings mobilization.

 

TABLE OF CONTENTS

CHAPTER ONE:

1.0     INTRODUCTION

1.1     BACKGROUND OF THE STUDY

1.2     STATEMENT OF PROBLEM

1.3     PURPOSE OF THE STUDY

1.4     SCOPE OF THE STUDY

1.5     SIGNIFICANCE OF STUDY

1.6     LITATION OF THE STUDY

1.7     DEFINITION OF TERMS

CHAPTER TWO

• REVIEW OF RELATED LITERATURE
• EVOLUTION AND DEVELOPMENT OF NIGERIA MONEY MARKET.
• OBJECTIVE FOR THE ESTABLISHMENT OF MONEY MARKET
• INSTRUMENT USED IN MONEY MARKET FOR MOBILIZING SAVING

• TREASURY BILL
• TREASURY CERTIFICATE
• ELIGIBLE DEVELOPMENT STOCK
• BANKERS UNIT FUND
• COMMERCIAL BILLS
  • THE EFFICIENCY OF THE EMONEY MARKET IN SAVINGS MOBILIZATION

 

CHAPTER THREE

• SUMMARY OF FINDING AND RECOMMENDATION/CONCLUSION
• FINDING/OBSERVATION
• RECOMMENDATION
• CONCLUSION
• REFERENCE

CHAPTER ONE

 

1.0     INTRODUCTION

          DEFINITION: A money market is a market fro short term securities, it provides service that are essential to modern economy.  According to professor G.O. Nwankwo “it offers access to variety of financial instruments that enables economic agent to pool price and exchange risk, through assets with attractive yields liquidity and risk characteristic, it encourage saving in financial firm”.

This is very important for government and other institutions in need of short-term funds and to supplies of short-term funds who, because of their assets in liquid form.

Late professor W.O. Uzoga, observed that the primary objective of developing a local money market was to stern the representation of short-term fund into the London money market by creating domestic outlets for investments in short-term funds in Nigeria.

A colliery to this was the used to lay it sound foundation for efficient regulation for the monetary and banking system and to provide for the banks the basis financial instrument for effective management of their resources.

We should all be aware that the banking sector is quite distinct from other sectors of the economy.  The banking sector deals with money and quasi-money technological equipment like we have in the industrial sector.

There is no need for the usage of raw material nor is there nay need to incure production cost and waste human being to pin-point specially the investors and the industrialist are their raw materials, while “the staff cost in terms of wages and salaries and remuneration are to be counted as their production cost”.

 

• BACKGOUND OF THE STUDY

As tradition might have it, the bank of any banks has been

depicted to encompass the development of the economy, peoples and the bank itself.  As noted by Jerry Onyebula, a senior manager with Allied Bank Plc.

The direction which the development takes decision whether the economy will becomes more productive or reluctant “he goes further to argue that” when bank develop, its subordination in the right  direction.  It helps them to grow and become bigger and richer person.

This will directly determine whether he or she will develop, grow or whether improve or deteriorate.  It is an under fact that no matter how the economy is depressed, people will still transact business and save their money in the banks since our economy is not quenched type of economy, people must still save, no mater what the economy seems to be .

It was in pursuit of these objectives that the first issue o treasury bill of N8million was made by the central bank of Nigeria in 1960, by the end of the year, treasury bill outstanding amounted to N18million.

Instead the Nigeria money market has expanded in both the number and value of money market instrument that were introduced during the period of 1960 to 1978.  This was therefore, helped to stern the outflow of funds to the foreign market.

The treasury bill obligation during the same period accounted for over 94 percent of the total money market instrument.  These securities, judged by the minimum amount required of potential inceptors are geared to large institutional investors rather than individual who, however could contribute but only indirectly through saving type of institution most of which were inaccessible to large area of the country.

The money market is of great important to the government and other institution in need of short-term funds who because of the nature of their habitués undertaken to maintain part of their assets in relatively liquidity of the instrument traded in the money market.

The single most important function of any finan

PROBLEMS OF INCOME TAX ASSESSMENT AND COLLECTION IN ENUGU STATE

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COMPLETE MATERIAL  COST  N2,500 Or $10.  FRESH  PROJECT MATERIAL  COST 50,000 NAIRA FOR UNDERGRADUATE, OTHERS 100,000 -200,000 NAIRA.

THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

 

ABSTRACT

 

With the present economic predicaments in the country, most people found it very difficult to cope with the high cost of living. This is true, because the government is not generating enough revenue as expected and such things affect the budget of the year. It all meant that the government may not have enough money to provide social amenities for the individuals.

Therefore the government, individuals depend on revenue for the execution of their projects. The need may be defense, education, transport, agriculture or provision of shelter for their citizens. How far, therefore, government can go in solving such problems is function of the revenue.

In writing this topic, I decided to include the problems of people in the pigment of taxes or what makes them to bulge the payment of taxes

However, among other chapters, chapter three deals specifically on the findings summary and recommendation.

CHAPTER ONE

 

INTRODUCTION

BACKGROUND OF THE STUDY

          Income tax was first introduced in Nigeria in the year 1904 by the late Lugard when community tax became operative in Northern Nigeria. Previously Nigeria cheerfully paid their taxes in kind by rendering free services as clearing the bush, digging pit toilets etc. for the benefit of the community, as a whole failure to render such services usually resulted in seizing of property which management reclaimed on payment of money.

In 1917, Lord Lugard made certain changes which culminated in the native revenue ordinance. It was the 1917 ordinance that was extended to the Eastern part of Nigeria in 1928

Prior to 1^st April 1956, the direct taxation ordinance was applied to the Eastern Nigeria (Anambra state (Nigeria. Under this ordinance, native Authorities (later local government councils) assessed and collected income tax from Africans resident within their area of jurisdiction.

With the Nigeria constitution order in council, 1954 power was given to each region to tax on a regional level, all Africans resident within the region  or deriving income there from. Eastern region acted on this power, by repealing the direct taxation ordinance and introducing the finance law 1956 which became effective from 1^st April 1956. This law brought PAYE (pay as you earn) system of tax collection into operation.

The raise man fiscal commission of 1958 recommended the introduction throughout Nigeria of basic principles for taxing incomes of persons other than companies. This recommendation was embodies in the Nigeria constitution order ion council, 1960 and it formed the basis of statute upon which the present day tax laws of Enugu state operate.

By virtue of Edict 6 of 1970, the board of internal revenue came into existence. In

THE EFFECTS OF MANAGEMENT OF ACCOUNTS RECEIVABLES ON THE PERFORMANCE OF PUBLIC CORPORATIONS

(A CASE STUDY OF NEPA)

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COMPLETE MATERIAL  COST  N2,500 Or $10.  FRESH  PROJECT MATERIAL  COST 50,000 NAIRA FOR UNDERGRADUATE, OTHERS 100,000 -200,000 NAIRA.

THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

 

ABSTRACT

          This research titled, ‘the effects of he management of accounts receivables on the performance of public corporation” was aimed at finding out all the factors that affect the level of receivable of public corporation reasons behind the huge amount of debts being owed this corporation and most importantly how the combine effects of these factors affect their performances generally.

This in line with the reasoning that the issue of the receivables and the problems usually arising from its poor management does not in any way exclude public corporation since most of them as well provide services on credit.

The research itself was designed to be descriptive, consequently, the survey research approach was adopted. Based on this public corporation the National Electric Power Authority (NEPA) were randomly selected as the sample. The sample size consisted of two hundred and ninety persons chosen from the three hundred customers to whom questionnaire were administered and also one hundred and twelve persons chosen from the one hundred and twenty employees of the sample co-operation to whom questionnaires were administered also in addition two different sets of questionnaire were designed for this study. While one as administered to the customers of the sample corporation, the other was administered to the employees.

Subsequently, information collected wee analysed using tables and simple percentage. Additionally, the chi-square dist and co-efficient of correlation were used in testing the hypothesis formulated in order to prove or disprove them after which the findings from the study were summarized and conclusions drawn from them.

The study showed that such factors as, the rates being charged for this corporations’ services the billing system the general economic situation in the country and the working conditions of the staff are some of the factors that influence receivables of public corporation. It was further discovered that inefficient management of receivables by public corporation directly and indirectly lead to such problems as illiquidity, irregular payment of workers salaries and other entitlements, employees less of motivation and high labour turnover all of which affects the per of public corporation negatively.

However, in view of the findings made from the study and conclusion drawn there from that how public corporation manage their receivables grossly affect their performance either directly or indirectly in the forms mentioned above, some recommendations were made in chapter five of this report and it is hoped that these recommendations are adhere to, there will be significant and justifiable improvements directly on their performances most especially in Enugu district and then the nation as a whole.

 

 

TABLE OF CONTENT

CHAPTER ONE: INTRODUCTION

• Background of the study 1
• Statement of the problem 3
• Purpose of the study 5
• Significance of the study 6
• Formulation of hypothesis 7
• Scope and limitations of the study 8
• Definition of terms 9
• Information of the case studies. 11
• Brief historical background of NEPA 11
• Brief historical background of water corporation 11

 

CHAPTER TWO: LITERATURE REVIEW

• The concept of accounts receivable 14
• Observation of accounts receivable 17

 

CHAPTER THREE: RESEARCH METHODOLOGY

• Research design 27
• Description of population 28
• Method of data collection 28
• Sample size 29
  • Administration and retrieval questionnaire 29
• Description of questionnaire 31
• Method of data analysis 32
• Method of testing hypothesis 32

 

 

CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS

• Objective one 33
• Objective two 41
• Objective three 45
• Test of hypothesis 49
  • Test of hypothesis one 50
  • Test of hypothesis two 53
  • Test of hypothesis three 55

 

CHAPTER FIVE: SUMMARY OF FINDINGS, RECOMMENDATION AND CONCLUSION

• Summary of findings 60
• Recommendations 63
• Conclusion 65

BIBLIOGRAPHY                                                                       68

Appendices

Questionnaire for NEPA and Water corporations customers 72

Questionnaire for Water corporations staff                        73

CHAPTER ONE

• BACKGROUND OF THE STUDY

Ordinary, the significance of granting trade credit by firms and organisations in current day activities in Nigeria cannot be over-stressed. This is because trade credit acts as an indispensable marketing device providing the easier ‘bridge’ through which goods and services are conveyed from the producers through the wholesaler and retailers to the consumers.

This granting of credit to customers through mostly used by commercial/private enterprise is in no way restricted to them alone as it is also used extensively by public corporations of these public corporations in National Electric Power Authority (NEPA), the Nigeria Telecommunications Plc (NITEL),  Water corporation etc. The reasons these public corporations also grant credit to their customers are not too far to fetch, the first being that it gives them the advantages of billing their customers for services provided to them based on actual consumption rather than on mere estimates. The import of this is corporations are saved the trouble of petitions, protest and even legal actions that would have taken much of their time and money too.

The second reason being for these public corporations to take full advantages of the economics of scale since for them to have insisted on cash payment the point of consumption would have been undisputedly led to avoidable lower sales being recorded.

Also, insisting on cash-based transactions would have amounted to putting themselves at a very disadvantages position as they would have lost most of their customers to other competitors or even to substitutes being produced in large quantities all over the country. National Electric Power Authority (NEPA) for instance, people would have gone for generators, rechargeable laterns lamp etc in place of service provided by NEPA.

These in no doubt would have led to diseconomies of scale and its apparently consideration of all these that most public corporations in Nigeria seem to have consistently over-looked  or even ignored adopting payment on cash basis as the solution to their numerous financial problems as being touted by some people.

However there is a problem usually associated with trade credit and that is, how to management it to avoid creating problems for the business vis-à-vis its per. For instance, from the financial reports of public corporation like NEPA, it could be virility be seen that receivables make up a larger portion of their current asset figure and this not without its attendant problem recovery risk. NEPA for instance has recently been battling with the over increasing debt (over N5b) owed to it by various calibers of consumers nationwide.

These have been the bane that public corporations especially NEPA in their quest to provide qualitative and unbearable service to entire populace and hence, the need to appraise their performances vis-a-vis the management of their book debts.

 

• STATEMENT OF THE PROBLEM

Long over the years, there has been a general and widespread agitation by the Nigerian populace for efficient performance by public corporations most especially those of them that have a direct and equally noticeable impact on their lives like the National Electric Power Authority, (NEPA). Agreed that this corporation have to provide essential service even on credit basis to the citizenry just to make up, it is disheartening to note that it has instead ended up accumulating a huge amount of debt apparently more huge than it could management effectively.

For instance, NEPA alone is being owed to the turnover N5b as reported in the fourth page of business

THE SOURCES OF REVENUE AND BUDGETING IN LOCAL GOVERNMENTS.

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

 

CHAPTER ONE

• INTRODUCTION
  • BACKGROUND OF THE STUDY
  • STATEMENT OF PROBLEM
  • PURPOSE OF THE STUDY
  • SIGNIFICANCE OF THE STUDY
  • DEFINITION OF TERMS

CHAPTER TWO

• CONCEPT OF REVIEW ALLOCATION
  • LOCAL GOVERNMENT SOURCES OF REVENUE
  • LOCAL GOVERNMENT BUDGET
  • REQUIREMENT FOR LOCAL GOVERNMENT BUDGET
  • LITERATURE REVIEW

 

CHAPTER THREE

• SUMMARY OF FINDINS
  • CONCLUSION
  • RECOMMENDATION
  • BIBLIOGRAPHY

 

 

 

 

 

 

 

 

 

 

CHAPTER ONE

• INTRODUCTION
  • BACKGROUND OF THE STUDY

As the need for development in every part of a sovereign nation arose, it became important a device a means through which the source of development will reach to every part in question.

The local government concept holds that the key to challenge all other developed areas and achieving a general goal concept of ability to give everybody in a given country, allocations according to what the person needs most. The local government is a tier of the government which gives room for the interest of people who live in local and remote areas.

The source of revenue and budget planning in local government start with a well defined administration in government, especially in federal and state government, which with the inclusion of the local government, make up the three tires of government.

By revenue and allocation and budgeting in local governments, the inhabitants needs are defined and planned for. This means that does inhabitants are also regarded as bona fide citizens and domiciles of the country, especially as it relate to the village where literate ones are in minority. The aim of creation of local government is to delight the citizens of the country. In fact, this is a higher standard an may be the secret of great politicians, all things being equal.

Coordinated political answers, that all the various government functions like, meaning of roads, licensing bicycles and wheel barrows, primary school building and so on are properly integrated and well coordinated with other tiers of the government[federal and state].

The most profitable aims of local government is to ensure that the allocations that is due for any local government is received and well budgeted so as to avoid lot of regrets in the expenditure in cured.

Several authors have started the need of local government revenue allocation and budget planning according to the way each author sees it, but most importantly, the different views of the author boils down to have the same meaning; increase in literacy terms, ensuring to good health and well being of people ant most importantly, expansion of development.

From what have been seen or read today, not every local government adopt the issue of revenue and budget planning.

Since development is a vital requirement of local government, it is conventional to regard it as a first purpose of a country especially in Nigeria. for we all know that it is possible to create many local government without a profit for a time, but it is not possible for it to survive for one day with out proper care by the federal and state government.

The local government allocation and budget planning in Nigeria can be traced back to less than 100 years ago. The activity of the transitional cooperation, the financial transaction of local government, the creation of the eastern, western, northern part of the country by the colonial men, all those required an institution of the form of revenue allocation and budget planning.

In the past the revenue allocation and budget planning is done by the federal government of Nigeria. This was very difficult because the need of those in remote areas are not well ascertained; therefore the problem continue to linger. Because of this fact, the federal government decided to split the major state of the country into other smaller states who have something in common so as to find it easier to determine how to place allocation

BUDGETING IN ALL INFLATIONARY ENVIRONMENT

(A CASE STUDY OF BINEZ HOTELS LTD ABA)

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COMPLETE MATERIAL  COST  N2,500 Or $10.  FRESH  PROJECT MATERIAL  COST 50,000 NAIRA FOR UNDERGRADUATE, OTHERS 100,000 -200,000 NAIRA.

THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

 

ABSTRACT

This topic was designed to highlight the importance and prominence budgeting in a very dynamic economy like ours as well as the difficulty to forecast the rate of inflation with accuracy and the problem posed by changing price level and how these problems are addressed in making budgeting decisions.

Highlighting the advantages as well as he problem associated with budgeting will enhance the managers skill and ability in the preparation and implementation of budgets. They will also see the correlation between budgeting and success as well as appreciate it students on the dynamics, complexities and mechanics of today’s business decision making. a part from making some contribution to knowledge, the study would also add to the existing. Finally, the study is significant as it is in partial fulfilment of the polytechnics requirement for the award of Higher National Diploma (HND) in Accountancy. This study report is five chapters. The first chapter introduces the topic, present the nature of the problem, the objective of the study significant of the study, the significant of the study the scope of the study as well as statement of hypothesis. The chapter also given a brief history of the company and the aware ship structure. Hence the first chapter serves as a prelude to the main study.

The second chapter examines the work of the other people on the study. Review is divided into sections top cover areas like of meaning and purposes of budget  and the techniques of the data treatment will be explained and the limitation to which we are subjected in the data treatment. The data collected will be analyzed and discussed so as to develop our findings in the context of the purpose for which the study was conducted chapter four.

Here, the statement of fact in connection with the study will be made. The finding of the study will determine whether the hypothesis were true or not.

Finally, in chapter five, statement of findings is made, conclusion are draw remarks and recommendations based on the study are made.

 

TABLE OF CONTENTS

 

CHAPTER ONE

• Introduction 1

1.1     Background statement                                             1

1.2     Nature of the problem                                              3

1.3     Statement of hypothesis                                           5

1.4     Objective of the study                                              6

1.5     Research question                                                    7

1.6     Significance of the study                                         8

1.7     Scope of the study                                                             9

1.7.1  Brief history of the company                                   10

1.7.2  Ownership structure                                                11

1.8     Organisation of the study                                         11

1.9     Definition of terms                                                  12

 

CHAPTER TWO

• Review of related literature                                     16

2.1     Introduction                                                             16

2.2     Meaning and purpose of budgeting                         21

2.3     Types of budgeting                                                  23

2.3.1  The operating budget                                               23

2.3.2  The finance budget                                                  26

2.4     Stamps in preparing budget                                     28

2.5     Techniques of budget                                              29

2.6     Meaning of inflation                                                31

2.7     Rates of inflation                                                     32

2.8     Types of inflation                                                    33

2.9     Pos and cons inflation                                              35

2.10   causes of inflation                                                    36

2.11   Control of inflation                                                  39

2.12   How Binez Hotels Ltd, Aba take care of inflation in

their budgets.                                                                     40

2.13   Budget planning implementation and control in Binez Hotel Ltd. 41

2.14   Types of budget prepared in Binez hotel                 42

2.15   Budget preparation implementation and control procedures in Binez Hotel Ltd.                                                                43

2.16   Data presentation, interpretation and various analysis. 45

2.17   Summary                                                                 45

 

CHAPTER THREE

• Research design and methodology 47

3.1     Research design                                                       47

3.2     Area of study                                                           48

3.3     Determination of sample size/population                 48

3.4     Sample and sampling procedure                              49

35      Types of data used                                                   49

CHAPTER FOUR 

• Data presentation and analysis 53

 

CHAPTER FIVE

• Findings, recommendation and conclusion 67
  • Introduction 67
  • Recommendations 69
  • Suggestions for further research 70
  • Summary/conclusion 71

Bibliography                                                            72

Appendix                                                                 77

 

 

 

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND STATEMENT

The concept of budgeting is as old man. In history, we learnt that the early man had to determine whatever he needed in advance before it eventually materialized. This very obvious in the present days in lives of individual, a state or a nation, as nation plans ahead in terms of revenue and disbursements within a specified period of time. Every establishment, be it public or private, finds it necessary to prepare budget and institutes budgetary control for the purpose of translating policies the best possible activities as well as financial control in order to achieve the best result. A budget had been defined as “a financial and /or quantitative statement prepared and approved prior to a defined period of time of the policy to be pursed during that period for the purpose of attaining a given objective. It may include income, expenditure and the employment of capital. The institute of cost of management accountants (ICMA) defines budgeting control as’ the et of departmental budgets relating the responsibilities of executives to the requirements of a policy and the continuous comparison of actual with budgeted results, either to serve by individual action the objective of that policy or to provide a firm basis for its revision. In a nutshell a budget is a permute which measures the actual achievement of people , artments, ministries, firms etc.

Statement for review and control purposes. These financial statement as a guide to chief executives had of parastatals etc. In the operation of the resources at their disposals.

However, in recent times, increases in the general level of prices has in no small way unlimited the numerous advantages of budgeting planning as well as increased the degree instability and uncertainly in the business environment. No rigid reliance on budgeting as a management tool to provide direction basis for performance appraisal and for profit measurement can be grossly misleading inflationary result in reduced profits. It can equally create a false sense of well being for a company. For instance, where a company makes holding gains by merely deliberately holding its stock and reselling at a much higher price when actual supervisor managerial ability has not been demonstrated nor has capacity utilization or sale volume increased. Also during inflation, the value of fixed assets are usually understated because the replacement or current cost of the assets are usually higher than their book values. This is turn understates the amount of deprecation charged for these assets and consequently overstate profit. The distribution of this Phony profit as dividends may result in capital depletion. This a negation of fundamental principle of income determination, which state that provision should be made to maintain the of existing capital intact.

Budgeting in an inflationary environment therefore requires considerable forecasting and predication of the economic, social political, and even legal trends in the business environment and their impact on both the centre economic factor in today’s activities of the particular business enterprise. As a recurring factor in business environment the need to recognize and incorporate inflationary pressure in budgeting decision is therefore very paramount.

 

• NATURE OF THE PROBLEMS

The dynamic complex, unstable and competitive environment under which Nigerian operates to day has made advance planning very crucial and infact a key factor for success. a business plan is usually actualized through the use of a budget. However, no matter how through and painstaking the preparation of a budget may be unforeseen fluctuations in general price level may cause unfavourable distributions or deviations between actual and budgeted activities.   

As a result of the dire need to plan effectively and keep pace with developments in the business environment, the following problems are addressed.

Inflationary pressures are incor