Saturday, 6 July 2013
NIGERIAN BUDGETING PROCESS
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NIGERIAN BUDGETING PROCESS AND THE
MAGNITUDE OF BUDGET VARIANCES
Abstract
This
paper examined the problems of budgeting process and fiscal management as
signified in the magnitude of budget variances and the driving external factor
of oil revenue contributions. The federal government expenditures and
finance-ability remain major fiscal challenges in economic management.
Documentary evidence and data sources were used. Descriptive statistics and
correlation analysis form the basis of data analysis. The decisions relating to
the scale of government expenditures have also been related to internally
generated tax revenues and mainly by the impacts of oil revenues. This paper
has shown the relative impact of revenue and expenditure miss-match on fiscal
management, emanating from faulty budgeting processes especially inadequate
public finance data for revenue and expenditure forecasting, for an effective
appropriation process. The commendation that emerge is that effective budgeting
and government grip of budget deficits and surpluses is inevitable in aligning
with investment planning as well as appropriate financing of priority projects.
Efficient allocation and management of off-budget receipts at both federal and
states levels should be legally mandated.
SULEIMAN AS ARUWA & JIMAH O ABU
Department of Economics and Management
Sciences,
Nigerian Defence Academy, Kaduna
For Full Article click here
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