A STUDY OF THE ACCOUNTABILITY AND BUDGET IMPLEMENTATION IN NIGERIA

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A STUDY OF THE ACCOUNTABILITY AND BUDGET IMPLEMENTATION IN NIGERIA: A CASE STUDY OF MINISTRY OF FINANCE, ENUGU

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

The primary aim of any business organization whether government or private owned is to achieve success in its set objectives. Such profit maybe to maximize profits or render services and success in these areas are measured in terms of any of the following profits, increase in sales and efficient services, return on investment. This aim is pursued within the limits and constraints of given resources, a given economic environment and operating business policy. This is to say that the organisation and the output are derived from those same resources. But it is becoming increasingly difficult for business organizations to accomplish their objectives as a result of the ever changing business environment. Also, resources are scarce and have alternative uses. It therefore follows that the realization of any organization objective requires comprehensive planning, produce and economy. In the acquisition, co-ordination and utilization of the human and material resources with the organization’s disposal, it is also essential that all parties concerned with the organization owners, management and staff know the objective guidance and measurement of activities will be impossible. Organizations, both in the private and public sectors, prepare annual budgets which serve as stands to be achieved, compel planning in the organization control actions and serve as means of communication in the organization, control actions and serve as a source of motivation. Budgeting used for both decision making as well as allocation of resources. In Nigeria, so many budgets have been pronounced and many of them are policies. All these budgets and policies are made to Nigerians standard of living which is presently nothing to talk about. We all fully experience the poor living standard of the citizens from the date of the nation’s independence till present as government promisingly budget to right all the economic errors for this care, budget in Nigeria as a whole have traditionally promised to tackle. The primary socio-economic crises facing the national as these are auxiliaries to the good standard of living and social development. But the greatest problem facing Nigeria is that the policy direction and implementation of these budgeting plans have always fallen short of a set standard. In order to find the solution to our budgeting economic problems one has to look onward and study the factors that cause the crisis in economic budget. The type of people and environment could determine the type of economic management to be used enslaved of whatever may be the case, it is the solution that we need and want and not the volume of idealism and metaphase. The implementation of these annual budgets is our concern.

1.2 STATEMENT OF THE PROBLEM

Unfortunately, many budgets made in Nigeria have become irrelevant because of lack of accountability and implementation. Public officials misappropriate funds entrusted to their care and use. This is facilitated by dishonesty and lack of integrity, pobity and transparency among them, use of inaccurate, irrelevant, incomplete, inadequate and distorted accounting information to cover fraud. Ineffective accounting policies and procedures in recording financial information, ineffective and inefficient internal and it that would have ensured accountability and implementation.

1.3 OBJECTIVES OF THE STUDY

The objectives of the study are:

1. To examine the objectives of budget in Nigeria.

2. To examine the need for proper accountability in Nigeria.

3. To examine how budget will help in proper accountability.

4. To identify the factors militating against accountability and budget implementation in Nigeria.

1.4 RESEARCH HYPOTHESIS

The following hypotheses are postulated for the study:

1. H0: Accountability and budget implementation do not ensure efficient utilization of public funds.

2. H1: Accountability and budget implementation ensure efficient utilization of public funds.

1.5 LIMITATION OF STUDY

The limitation of this study is due to many factors like: a) Financial Constraints: More establishments would have been covered in this study. This would have involved additional expenses. But because of financial constraints, the study was limited. b) Time Sharing: The study was carried out at a time when the researcher had so much work to do. Thus the exercise was a difficult one for the researcher. Some personal accounted could not pay attention due to time factors and fear of revealing the secret of management functions policies and formula of production.

1.6 SIGNIFICANCE OF STUDY

The nation is presently suffering from serious economic crisis. Our political economy is more than complex and confusing. People only exist and not living. The days are difficult. The populace is scared and cries for help. Bad economy had fired the fresh of the people; let us look at some of the benefits that could be derived from the study in relation to the solution to the above problems.

a) It will determine whether budgeting plans if well and efficiently implemented could help in the reconstructing of the economy.

b) It evaluates the role played by every top management official in budgeting system to know if they are adherent to set-up plans and standards.

c) The study will determine the roles of budget as a tool for efficient and effective management of resources.

d) The study will help researchers on budgetary plan implementation and effectively act as a touch light to the government in their management system.

e) It will evaluate the accounting and suggest some management systems and policies that could help our economic managers to boost our economy and remain accountable.

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