TABLE OF CONTENTS
Title Page i
Table of Contents ix
CHAPTER ONE: INTRODUCTION
1.1 Background of the Study 1
1.2 Statement of Problem 2
1.3 Objectives of the Study 3
1.4 Research Question 4
1.5 Statement of Hypothesis 4
1.6 Significance of the Study 5
1.7 Scope of the Study 6
1.8 Limitation of the Study 6
1.9 Historical Background of the Study 7
CHAPTER TWO: REVIEW OF RELATED LITERATURE
2.1 Conceptual Framework 10
2.2 Empirical Review 21
2.3 Theoretical Framework 24
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Introduction 31
3.2 Research Design 31
3.3 Population 32
3.4 Sample Design 32
3.4 Data Collection Method 33
3.5 Method of Analysis 36
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
4.1 Introduction 40
4.2 Presentation of Data 40
4.3 Analysis of Data 40
4.4 Test of Hypothesis 43
4.5 Discussion of Result 47
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 Summary of Findings 49
5.2 Conclusion 50
5.3 Recommendations 51
1.1 BACKGROUND OF THE STUDY
Nigeria is a country endowed with all kinds of resources; human, material, capital and otherwise. However, in spite of her huge potentials, the country is still either believed to be a third world country or a developing one. This may be a result of the level of corruption, bed economy low production, high importation of goods and services, inadequate infrastructural facilities; to mention but a few. All these have consequences for business. Inconsistency in government policy is another major issue characterizing the business environment in Nigeria.
The job of integrating resources and tasks for goals attainment is a key function of the management of any organisation and one of the effective tools of achieving these is through proper strategic controlling the use of capital is determined by the management while budgeting helps in monitoring and controlling the activities financially and achieving the set objectives.
A budget is a plan quantified in monetary terms, prepared and approved prior to a defined period. According to Pilkington and Crowther (2007) and Ken (1992) the effectiveness of budgeting has a link with the level of environmental volatility. It means that, how effective budgeting would be in controlling the activities of any organisation depends largely on the environmental volatility under which such budget is operated. In other words in a conducive business environment, the role of budgeting cannot be over emphasized for. For instance, Horngren t al (2008) mentioned that the effectiveness of budgeting for planning, motivation, communication and controlling in the developed world is evident.
The world ‘Budget’ means the money bag or the public purse which serves as a respectable for the revenue and expenditure of the state.
1.2 STATEMENT OF PROBLEM
This research work will point out basic difficult area of concern that calls for attention and solution, such areas that are associated with budgeting, some of them are effect of poor material control based on budgeting consistent and accurate management information system needed, wrong choice of budgeting system and the existence of outdates accounting system which does not take cognizance of the modern accounting practices.
Also the inability of offices in the cost control to conform to guidelines and attain the standard set in the organisation. The inadequate monitoring of compliance with and deviations from department and entire budget.
1.3 OBJECTIVES OF THE STUDY
Specifically, the study seeks to:
i. That which determines whether budgeting as a control measure plays any significant role towards ensuring profitability.
ii. To look into the methods in achieving the objectives and evaluates the problems encountered
iii. To make suggestion and recommendation in resolving the problems based on the findings of the research work.
1.4 RESEARCH QUESTION
The following four hypothetical questions will be tested later in the course of this study, particularly with reference to the case study.
i. Has mismanagement of fund affected the proper implementation of budgeting system in the local government?
ii. Has the control exerted on budget by the budget officers.
iii. Is the internal audit department in the local government effective enough to control budget estimate falsification?
iv. Has poor implementation been a major problem to the effectiveness of the budgeting system in the local government?
1.5 STATEMENT OF HYPOTHESIS
For the purpose of this study, two hypotheses are formulated the Null Hypothesis: Ho: – Poor implementation of budgeting system in Nigeria has contributed to the poor economic growth in the country.
The alternative Hypotheses: Hi:- Poor implementation of budgeting system in Nigeria has not contributed to the poor economic growth in the country.
1.6 SIGNIFICANCE OF THE STUDY
It has been observed that a lot of achievement have been in improving the economy of Nigeria through the innovation of budgeting, system meanwhile, certain of the economy still lack adequate despite this innovation could be due to lack of proper implementation of budget. This in return has made the situation of this country to remain as it is, that is with little or no improvement economically.
The significance of this study is to find out why the situation in Nigeria budgeting has remained “stand still” and also to see how new ideas and better ways of operation can be used to change the situation for the better.
In the meanwhile, it is believed that the information needed and effort required in improving on the method of budgeting will contribute to the economic growth in Nigeria.
1.7 SCOPE OF THE STUDY
This study is limited to the people of Oye local government particularly to some randomly selected categories pf staff in the local government. These people include: the chairman, the treasurer, two supervisors, one of community affairs and social development and the other for Agric and commerce, the director of Admin and some of the account clerks.
1.8 LIMITATION OF THE STUDY
This study is limited to the people of Oye local government particularly to some randomly selected. During the course of the study the researcher was faced with certain problem which thus limited the scope of the finding.
These people are:
i. Some officers of the local government were reluctant in giving the
Estimate of the budget for the fair of insecurity.
ii. There were no sufficient material useful for the purpose of this
research work such as comprehensive textbooks.
iii. Time was another factor as the researcher did not have all the
Necessary time needed for the study.
iv. Financial constraint was another limiting factor that hindered the researcher to visit other appropriate places
1.9 HISTORICAL BACKGROUND OF THE STUDY
Oye local government was created on the 23rd May, 1989, during the regime of general Ibrahim when it was announced that each constituency should be constituted into government.
Oye local government has its headquarters situated at Oye Ekiti, under which there are twelve wards and fifteen autonomous. As at the 1999 census the population of the locale government stands at one hundred and ten thousand, nine hundred and ten. The local government has two constituencies in its geo-political zone, “constituency I” and “constituency 11” the villages under constituency 1 include Oye, Ayegbaju, Itapa, Osun,Ijebu Omu Oke and Omu Odo.
The major occupation of the people of the local government include farming, trading, pottery e.t.c. consider of the local government the dominant languages and Dialect are Yoruba and Ekiti respectively, Islam and Christianity as well as traditional activities are all practiced in Oye local government, this gives rise to their major religion and traditional sfestivals which are Ogun, Ojiji, Easter, Christian, Eld-El-Kabir, Egungun, Oro Olua, Ode, Aka-Obo e.t.c.
The major tourist centers in the local government are Adari Hill at Isa Ekiti, Agariga Hill at Ilupeju- Ekiti, Ejirin Hill at Ire Ekiti.
Oye local government is geographically located between Latitude 6 and 8 north’s of the equator and longitude 4 and 6 of Greenwich Meridian; it therefore falls within the tropical zone of an annals of about 95mg. oye is situated on a plain land with minor undulations. It is on a gradient of between government lie on the low plateau, like Ilupeju, A yede and Oye itself where there is environmental problems of erosion.
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