CHAPTER ONE
1.1 INTRODUCTION
For an economy to achieve it’s goal, it is pre-determined at it’s effective performance at the least possible cost. One mechanism to embark it’s budget is the budget.
The growth of any organization is determine by planning. Planning helps in deciding ahead of the future on what to do, how to do it, when to do it and who to do it.The success of any organization lies on planning. Therefore planning means the setting of organizational goals and the means of achieving it. An economy without a plan has fail to plan.Budgeting system guides the planning process.Definition of Budget:
The Oxford Dictionary of accounting defines budget as “a financial or quantitative statement prepared prior to a specified period, contained plans and policies to be pursued during the period.
The states budget is prepared by its management and the process involve a higher degree of complexity than budgets prepared by business organization.
1.2 STATEMENT OF PROBLEM
The problem of Nigeria budget is the delay, it has been a problem to those in charge of the formulation of the budget and the people involve in the implementation.The delay in the presentation of budget in any organization affects the economy thereby making it impossible to attain to its goal; thus guiding on economy to remain stagnant.An economy without a budget can not operates; if it can, then how?