A STUDY OF THE ACCOUNTABILITY AND BUDGET IMPLEMENTATION IN NIGERIA: A CASE STUDY OF MINISTRY OF FINANCE, ENUGU
ABSTRACT
As a result of the rapid increase in this nation’s socioeconomic problems, as well as millions of naira wasted at project sites and the collapse of our economic sector, the writer decided to survey the avenues through which these wasted funds could be curtailed and our economic problems alleviated.
Because it was assumed that the majority of this problem arose as a result of poor budgetary and economic policy implementation, the writer began the study in chapter one of this thesis with a clear statement of the problems inherent in poor budgetary plan implementation.
In chapter two, an attempt was made to provide definitions that have one thing in common: budget. All of the definitions have one thing in common: budgets are estimates for the future. This chapter also discusses the major causes of non-budgetary implementation.
The writer could clearly give an assessment of proper accountability in some of our banking sectors based on other related literature. Some of these failed banks were used as examples of what accountability should look like in our economy.
The third chapter described the investigation’s design and methodology.
The questions on the questionnaire were analyzed one after the other with the number and degree of respondents who affirmed to a particular answer given and vice versa in Chapter four.
The final chapter, Chapter 5, contains the findings, conclusions, and recommendations.
Title page of the Table of Contents
Page of approval
Page dedicated to
Acknowledgement
Abstract
If table, list
Contents table
1.0 Introduction to Chapter One
1.1 Problem statement 1.2 Purpose of the study 1.3 Importance of the study 1.4 Hypothesis statement 1.5 Scope of the study 1.6 Limitation of the study 1.7 Definition of terms
Second Chapter
2.0 Examine Related Literature
2.1 Define Government Budget
2.2 Budget Objective
2.3 Budget Document Contents
2.4 Fiscal procedures
2.5 Budget Repetition
2.6 Budgetary Effects of Inflation
2.7 Political systems and budgetary implementation
2.8 Appropriate accountability and appraisal procedures
3.0 Research Design And Methodology Chapter Three
3.1 Data sources – Primary data – Secondary data
3.2 The sample used
3.3 Investigation method
Fourth Chapter
4.0 Data Display And Analysis
4.1 Data visualization and analysis
4.2 Hypothesis testing
5.0 Summary of Findings, Conclusion, and Recommendations
5.1 Discoveries 5.2 Conclusion 5.3 Recommendations
Bibliography \sAppendix
CHAPITRE ONE
1.0 BEGINNING
For centuries, man, as a rational and divine animal, has struggled with the acquisition of a reasonable standard of living and the methods of managing his expected maximum utility (profit). The eventful development of a well-organized society gave birth to the order of the day, government had the right to intervene in economic processes to protect the national interest.
During the 18th century, Adam Smith and other great authors devised the laessez fair system. The system was appropriate for its time, but the general depression of the twentieth century demonstrated that it was not an economic panacea. People must seek alternative economic solutions. At this point, economic scientists must enter the fields and conduct research.
Thus, it was during this period that Keynes, one of the great researchers, developed his own hypothesis. To be more specific, during the 1930s, Keynesian economics developed and emphasized the cyclical movement of the economy and the need to temper such movement by manipulating the cycle’s troughs and depressions in order to facilitate a better economic order.
In fact, it was Keynesian economic policy implications that contributed to the trends that led to economic planning and budgeting as a tool in political administration.
So many budgets have been announced in Nigeria, and many of them are policies. All of these budgets and policies are designed to improve Nigerians’ standard of living, which is currently deplorable. We have all witnessed the citizens’ low living standards since the nation’s inception.
Independence is still in effect, with the government promising budgets to correct all economic mistakes. Nigeria as a whole has traditionally promised to address this care budget.
The primary socioeconomic crisis confronting the nation as things that contribute to a high standard of living and social development. However, one of the most serious issues confronting Nigeria is that policy direction and implementation of these budgetary plans have consistently fallen short of expectations.
In conclusion, most annual budgets in Nigeria failed to meet the established standard, which was always their aims and objectives. A key example is the 1988 budget, which was designed to achieve non-inflationary growth in the economy but failed, resulting in 25% inflation in the economy that year.
In short, inflation has destabilized every sector of the economy, including the household, private, and public sectors. Price inflationary trends, as well as other factors such as private and public fund embezzlement, have slowed the pace of development in our society.
To solve our budgetary economic problems, we must look inward and investigate the factors that are causing the crisis in our economic budget. The type of people and environment could influence the type of economic management used to free the country from the economic depression that has enslaved it. Whatever the case may be, it is the solution that we require and desire, not the volume of ideals and metaphases. Our concern is the implementation of these annual budgets.
ACCOUNTING: Accounting entails accountability and being held accountable. In this case, the question is, “Is there any accountability in our private and public sectors from the time we lost our independence until now?” Accounting has been critical in the restructuring of any nation’s economic system. The issue of non-accountability has caused numerous problems throughout the history of any nation. The issue of problems from the beginning and end of any nation.
The impending collapse of our banking sector and other financial institutions is a source of concern. Is it the failed contacts, the failed parastatals, or the external and internal crises in our business sectors? All of these, and any other embezzlement issues that plague the country, compelled the writer to investigate some of the issues and look for possible solutions.
1.2 PROBLEM STATEMENT
Since independence, numerous budgets have been created, ranging from the federal to state and local government levels. These budgets are created using a planning method and an implementation principle. The question is, “Why can’t the volume of budget announced annually in the country be implemented?”
The issue is that all budgets made in Enugu adhere to a technique and method of implementation. Another issue is determining whether the implementation procedures are correct.
The means by which funds for the realization of these budgets are sourced, the source of these funds or other assets to the units (government), and the use (application) of these funds sourced for into the budgeted expenditures all lead us to the topic of “ACCOUNTING AND BUDGETARY IMPLEMENTATION IN NIGERIA.”
We must accept that the most visible aspect of administrative capacity in poor countries is accountability and the implementation of budgetary and development plans. Many times, projects are poorly conceived, favorable treatment is given to the wrong and incompetent hands, underestimation occurs, and completion times are underestimated, resulting in a loss.
As a result, the economic sector suffers from incompleteness and abandonment. Also seen as a major stumbling block to plan implementation and development in Enugu state is the frustration in attempting to identify suitable projects and successfully carry them out to a final stage of completion.
Other issues raised by this study include improper budgetary execution and poor accounting of government funds. This is based on the fact that all plans are always hampered by the issue of implementation. For example, the valoom project, which was intended to provide Nigeria with a list of communication links, including those to rural areas, has been excruciatingly painful.
This project was signed on February 12th, 1976, for an estimated cost of #89,824.018, but it has remained unfinished for many years. Thus, our greatest fear in terms of project implementation has been improper accountability and inability to implement budgetary plans.
1.2 STUDY OBJECTIVES OR PURPOSE
Before selecting this topic, the writer has some clear goals and objectives in mind. The objectives are fully detailed below.
a. Examining: Examining some of Nigeria’s budgets with a focus on Enugu state to determine how the budgetary plans implemented impacted the state and the nation as a whole.
b. Searching related literature: The writer intends to search related literature, particularly that of other countries, to determine the best methods for budgetary implementation.
c. Accountability: Another case in our study is accountability, which has eaten the economic heart of this nation. The distressing of our banking systems, the large frauds in various public sectors, and the failure of many contacts necessitate a thorough investigation.
d. Policies and programs: The author has decided to seek a management policy and system capable of organizing and boosting the nation’s economy.
1.3 THE STUDY’S IMPORTANCE OR SIGNIFICANCE
The country is currently experiencing severe economic difficulties. Our political economy is more than complex and perplexing, and people only exist rather than live. The days are trying. The populace is terrified and begs for assistance. The bad economy had fried the people’s freshness.
Let us consider some of the advantages that could be gained from the research in relation to the solutions to the problems mentioned above.
a. It will determine whether budgetary plans, if properly and effectively implemented, can aid in economic restructuring.
b. It assesses the role of each top management official in the budgetary system to determine adherence to established plans and standards.
c. The study will determine the roles of the budget as a tool for efficient and effective resource management.
d. The study will assist researchers in the implementation of budgetary plans and will effectively serve as a touch light for the government in their management system.
e. It will evaluate accounting and recommend some management systems and policies that will assist our economic managers in boosting our economy while remaining accountable.
1.4 HYPOTHESIS STATEMENT
The hypothesis serves as a guide for the researcher throughout the entire research endeavor, and they trim the main line of his study. They assumed an answer to the study’s main question, the correctness of which he assesses during his research.
It is up to the future whether hypotheses are proven or improved, accepted or rejected. In essence, hypotheses act as a bridge between a problem statement and a problem solution.
1.5 THE STUDY’S OBJECTIVE
To thoroughly examine the contents of budgets for at least two years. In order to delve deeper into the project execution budget. The various government projects will be given careful consideration.
There was a plan to distribute questionnaires to the state’s local government areas, but most of this was confirmed in Enugu due to financial constraints.
1.6 STUDY LIMITATIONS
The limitations of this study are due to a variety of factors, including difficulties during the interview meeting, some of the personnel encountered being unable to pay attention to the time factor, and fear of revealing the secret of the management’s functional policies and production formula.
FINANCE: This study was conducted at a time when the average Nigerian was living hand to mouth. As a result, transportation and material costs tended to stymie the research. Despite these issues, the research was completed successfully, so those who understand the value of research made a sacrifice to pay attention.
1.7 DESCRIPTION OF THE TERMS BUDGET
The term budget refers to a collection of documents that serve as a tangible representation of governmental unit plans. It could refer to the current meaning of annual revenue and expenditure estimates, as well as a statement of financial policy.
AGONIZING: Causing great pain
SCRUTINIZATION: The act of carefully looking at or examining something.
HYPOTHESIS: A supposition advanced as a foundation for reasoning or investigation.
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