ABSTRACT
As a result of rapid increase in the socio-economic problem of this nation and also millions of naira wasted at project sites and the collapse of our economic sector , the writer decided to survey the avenues in which these wasted funds could be curtailed and our economic problems ameliorated.
It was assumed that most of this problem arose as a result of poor budgetary and economic policies implementation for this the writer introduced the study in chapter one of this thesis with a clear statement of the problems inherent in poor budgetary plans implementation.
In chapter two there was an effort made to give the definition have one thing in common that is budget. All the definition have one thing in common that budget is an estimate and refers to the future. The major causes of non-budgetary implementation is also stated in this chapter.
From other related literature, the writer could clearly give an appraisal of the proper accountability in some of our banking sectors. Here some of these failed banks were used as an example of what accountability should be in our economic sector.
Chapter three stated the designed and method of investigation
Chapter four had gone through analyzing all of these data collected, the questions the questionnaire were analyzed one after the other with number and degree respondents that affirmed to a particular answer given and vise versa.
Chapter five was the last chapter that contains the findings, conclusions and recommendations.
CHAPTER ONE
1.0 INTRODUCTION
For the past ages, man as a rational and divine animal has been struggling with the procurement of reasonable standard of living and the ways of managing his expected maximum utility (profit). The eventful development of a well organized society gave birth to the order of the day, government had the right to interfere with the economic process to protect the interest of the nation. During the 18th century Adam smith and other great authors came out with the system of laissez-faire. The system suited its own period but the general depression of the 20th century shoed that it was not after all an economic panacea. People have to look for other economic solutions. At this point, the economic scientists have to enter into the fields and make researches.
Thus, it was during this time that Keynes one of the great researchers, came out with his own postulation. To be precise during the 1930’s Keynesian economic developed and emphasized the cyclical movement of the economy and the need to temper such movement by artifices manipulating the troughs and depression in the cycle in order to facilitate a better economic order. In fact it was the policy implication of Keynesian economic that have contributed to the trends which ld to economic planning and budgeting as a tool in political administration.
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 nations. Independence till present as government promisingly budgets to right all the economic errors. For this care budget in Nigeria as whole have traditionally promised to tackle. The primary socio-economic crisis facing the nation as thing that are auxiliaries to the good standard of living and social development. But the greatest problems facing Nigeria is that the policy direction and implementation of these budgetary plans have always fallen short of a set standard.
In summation therefore, most of the annual budgets in Nigeria could not achieve the set up standard which is always their aims and objectives. A very important example is the 1988 budget which was set up to achieve a non-inflationary growth in the economy yet it failed hence an inflation of 25% as experienced in the economy the very year. In short, inflation destabilized every sector of economy say household, private sectors and public sectors. These price inflationary trends and other factors such as private and public funds embezzlement have set the pace of development derailed in our society.
In order to find the solution to out budgetary economic problems one has to look inward and study the factors that cause the crisis in our economic budget. The type of people and environment could determine the type of economic management to be used to salvage the nation from the economic depression, which she has been enslaved of. What ever may be case, it is the solution that we nee and want and not the volume of idealisms and metaphases. The implementation of these annual budgets is our concern.
ACCOUNTING: Accounting entails responsibility answerable for or held charge. In this case, the question is that, “Is there any accountability in our private and public sectors from the binging of our independence till this very moment? This word accounting has been very vital in the restructuring of any economic system of any nation. The issue of non accountability have caused a lot of problems right from the start and fall of any nation. The issue of problems right from the start and fall of any nation.
The doom in our banking sector and other financial institution are matter of attention. Is ir the failed contacts failed parastatals and even the external and internal crises in our business sectors. All these and any other embezzlement problems that rate the country have made the writer to probe into some of the matters and look for possible solution.