ACCESSING THE EFFECTIVENESS OF THE 2016 BUDGET AS A ROAD MAP FOR CORRECTION, DIVERSIFICATION AND INDUSTRIALIZATION OF NIGERIA ECONOMY ASST
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ACCESSING
THE EFFECTIVENESS OF THE 2016 BUDGET AS A ROAD MAP FOR CORRECTION,
DIVERSIFICATION AND INDUSTRIALIZATION OF NIGERIA ECONOMY ASST
CHAPTER ONE
INTRODUCTION
1.1
Introduction to Budget in Nigeria
The
heightened level of poverty in Nigeria has prepared the ground for people to
extensively embark on the act of philosophizing on the roles budgeting play in
the National economy, especially as a case of management tool for planning,
controlling and decision making. It has become a routine that governments at
all level prepare and approve into law a summary of plan of the intended
revenues and expenditures which are made in advance of government fiscal year
concern a document called budget. A budget which means qualified financial plan
for a forth coming accounting period In Nigerian context of public sector
governance, budget preparation on annual basis has become standard practice
backed by legal provisions such as the constitution and financial regulations
of the various states.
Studies of
Luceey (2002), Adams (2004), Lewis, 2007 and Babalola (2008) have shown that at
both public and private sectors budget is pivotal mean of translating the
overall aims and objectives of an organization into detailed packages of
actions, and determining the sources and uses of funds in order to allow
performance evaluation of the people who are entrusted with the resources.
Government
is held accountable to the citizenry on allocation, custody and use of the
state resources through budget. The above functions are expected to b performed
in accordance with established rules, policies and practices contained in the
government financial regulation. Politicians, public analysts and scholars
agreed that a well formulated and properly implemented budget has the capacity
to promote socio-economic well being of the people, finance economic
development projects and support public service administration. In spite of the
potential benefits accruable from budgeting, there is a general skepticism on
budget performance in Nigeria. This is not peculiar to Nigeria alone as 85% of
the governments all over the world fail to provide adequate information for the
public to hold them accountable (The Guardian, 2009). The time has come for
imbibing integrity as part of the budget process in government to foster
industrialization and diversification of the Nigerian economy.
Concentrated
efforts are being made in Nigeria and other countries of the world towards
maximizing benefits accruable from public spending via monumental waves of
budget reforms in the public sector. The needs for these reforms were
necessitated by perceived unsatisfactory performance when compared with the
expectations of the budget provisions. Budgets in public sector arise from the
need to demonstrate accountability with the attendant goal of general
improvement in the life of people. The international federation Accountants
(IFAC) (1991) crystallizes the place of budget in public sector as a means to
evaluate whether resources were obtained and utilized in accordance with legal
requirements and provide adequate information for evaluating the government or
unit’s performance in terms of costs, efficiency and accomplishments. These
aims are hardly attained by many governments world over (IFAC, 1991).
Budget as
the art and science of balancing competing demands for scarce resources at the
disposal of the government is expected to be a reflection of government policy,
priorities, planning and implementation process for delivery of goods and
services so as to improve the well being of the citizenry. However, the present
levels of infrastructures and economic conditions in Nigeria cannot be said to
be in consonance with the acclaimed level of budget performance at all tiers of
government. It is the order of the day for governments at all levels to argue
that available public resources have
been utilized to improve the well being of the citizenry, while in fact
that improvement can neither be seen nor appreciated by the citizenry.
Studies on
budget in public sector have focused on issues as dominance level of various
organs of government, effects of subordinates participation on budget
formulation and implementation, evaluating with budget when subordinates might
have introduced slack to improve their performance evaluation without
benchmark. Others are dominance of cash based basis of accounting on budget
accounting in public sector, incremental budgeting as the most applicable
improvement technique, impact of citizens participation and the effect of
organized trade union on expenditure of government.
Therefore,
this research focuses on accessing the effectiveness of the 2016 budget as a
road map for correction, diversification and industrialization of the Nigeria
Economy.
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