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REFOCUSING TERTIARY INSTITUTIONS IN NIGERIA THROUGH EFFECTIVE BUDGET IMPLEMENTATION: AN ISSUE TOWARDS A KNOWLEDGE-BASED ECONOMY
A b s t r a c t
Education is basic to development and an instrument through which the society can be transformed. Knowledge cannot be created in the absence of proper funding of tertiary institutions. The process of raising, allocating, controlling and prudently managing funds for the purpose of refocusing tertiary institutional objectives has been a problem in Nigeria. This study aim at examining the impact of effective budget implementation on the development of tertiary institution in Nigeria. The budget units of the federal ministry of education and federal ministry of finance along with three (3) tertiary institutions were used for this research. Eighty four (84) questionnaires were administered out of which fifty six (56) were filled and returned representing 66.67%. The statistical tools used is the regression analysis adopting the stepwise method that iterates to select variables that contributes significantly to a regression model and the pearson product moment correlation . The result shows that budget formulation and implementation with regards Naira value of Research grant (RG) have a significant impact on the development of Nigeria tertiary institutions. It is recommended that both public and private tertiary institutions should be properly monitored for prudent management of funds and implementations of projects especially for variables that were found not significant and excluded from the model via the iterative process.
Keywords: Education, Implementation, Tertiary institution,
Budget, Economy, Funds