The Role Of Budgeting In The Present Nigeria Economic Situation (A Case Study Of Institute Of Management And Technology)

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The Role Of Budgeting In The Present Nigeria Economic Situation (A Case Study Of Institute Of Management And Technology)

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PROJECT TOPIC AND MATERIAL ON THE ROLE OF BUDGETING IN THE PRESENT NIGERIA ECONOMIC SITUATION (A CASE STUDY OF INSTITUTE OF MANAGEMENT AND TECHNOLOGY)

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  • Name: The Role Of Budgeting In The Present Nigeria Economic Situation (A Case Study Of Institute Of Management And Technology) 
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CHAPTER ONE

1.0     INTRODUCTION

The world generally had been in a state of permanent economic crisis for quite sometime, every government and organization (public and private) round the globe is faced with the issue of how to combat economic depression and stablize their economic affairs.

In Nigeria presently, there has been the problem of unexecuted plans and abandoned project by the federal and state governments and industries not because there was no completion fund to compound these project to completion, but because of lack of well certiculated plans and control measure coupled with scarcity of resources.  Institute of Management and Technology for instance have such projects, which have been abandoned for years such as the uncompleted building in campus 11, the research institution (Bakassi) and many others.

Because of the above mentioned the researcher has decided to vary out her project titled “The role of budgeting in the present Nigeria situation”.” Budgeting evolved to and management optimize scarce resources which  have alternative uses.  Tertiary institution being a non – profit making organization requires stability and order units affairs in the face of inflationary  economic situation facing Nigeria currently.

There has been to be a more certain long to improve the management function of planning and control so as to be able to find its activities and projects adequately, this is on explanation for the growing interest in the role of budgeting.  Although, budgeting has been scourced by some as exercise in futility because of is depending upon the fore casting future events which cannot be fore told with precision is yet being found by most business executive to be the best to find a tranquil harbour in the storm battered world economy.

Budgeting which is defined as a financial statement prepared and approved prior to a defined period of time of the polving to be pursued during that period for the purpose of attaining of given objective.  (Moore, C. L. and Jaedike, R. K. Managerial Accounting 5th ed. (USA; S.W. Publishers (1980): is primarily a process of planning and control. A well-prepared budget provides management with a planned programmed based on research by the entire organization.  in addition, a carefully planned budget provides away to co-ordinable and various actions of the organization.

There are many write-ups in books, journal, magazines and newspaper on budgeting both this project will critically examine its examine its role in non-profit making organization, especially to institution of management and Technology (I.M.T) Enugu.

1.1            BACKGROUND TO THE STUDY

The Institute of Management and Technology came into life as a result of the merging of two schools – institute of Administration and college of Technology in April, 1972.

In October of the same year a provisional council of the proposed new Institute was appointed by the cast controls state government.  the council was commissioned to determine and recommend to the government the Institute that would produce high quality technologists as well as Professional Managerial Manpower in subject areas directed by the state and national needs.  The council submitted its reports in early April, 1983.

On 31st May 1973, ediction No. 10 of 1973 titled “The Institute of Management and Technology (IMT) Enugu (Source Senior Staff Establishment of IMT Enugu).

1.2            STATEMENT OF PROBLEMS

Polytechnics and other Tertiary Institutions in Nigeria or edicts by the government as a non-profit making organization most of their capital and recurrent expenditures are being financed by the federal and state government.  And they are regarded as government parastatals.  Financing, Tertiary Institute in Nigeria requires a huge human and material resources especially with their ever increasing number disciplines students, and staff coupled with the recent economic situation the role of funding the tertiary institute has become too heavy for the government to carry, therefore the financial positions of our Tertiary Institution has become deplorable.

With the above background in view, the researcher is  being spurred to investigate without bias the various avenues through which the Institute of Management and  Technology raises her income and how prudently she manages, control and accounts for it.

Budgeting is futuristic in nature and any attempt to quantitatively state the future is an estimate or at best a far approximation of the future best a far approximation of the future events, problem in budgeting is either over or under approximation.  This in other words is variance, sometimes, the variance, may be totally out of the range, making its use for control purpose difficult.

(a)              The rate of inflation is hard to predict so that budgeting for the price levels seems to be largely guesswork.

(b)             The volume of activity cannot be foreseen limiting factors (mostly government policies) arise to restricts out put below budgeted levels.

Budgeting encompasses all aspects of organization’s activity such that any problem at one point of it generates multiple and effects.  Because of this, it is feared that there will be problems of organization and attempts to into an optimal master budget may be unsuccessful.  Also, the human element in budgeting increases its probabilistic nature and therefore, is likely to make its more probabilistic.  There may be strike and inadequate motivation.  The period of high inflation rate as it is now, often goes with frequent wage salary negotiations and strike in adequate motivation is said to have always been a problem of budgeting since different workers are motivated differently according to their different needs.  The problem of motivation must have made worse by the excessive loss of purchasing power of the naira in the foreign exchange market.  This is because of financial incentive believed to be main motivational method desired and practiced in Nigeria.  This is also because where the level of education is low and where skilled manpower is short in supply, the highest level of aspiration of many workers remains the in range of satisfying the lower level needs which more often that not tree of emotion, (emotional distress set in which management is not committed, educated persuasive or intelligent enough to convince its subordinate that budgeting is a positive device to help management choose and reach goals.  When this happens, subordinate and executive manager may like budgeting to strike, lay off and pressure device as “cure-alls”.  The control aspect of budgeting may have a number of budgeting may have a number of serious problems to over come in applying theory in practice.

All the problems, aforementioned, where in existence jeopardize budgeting in the face of inflationary pressure in tertiary institutes.  This research therefore, highlights budgeting in the face of Inflationary Pressure with due consideration to these and other problems, suggestions for their possible solution are made to enhance budgeting in the face of inflationary pressure, in tertiary institution.

1.3            OBJECTIVE OF THE STUDY

The objective of the study will be to appraise the role of budgeting to Nigerian tertiary institution in the face of inflation.  Specially, the study will attempt:

(a)              To find out the various sources of income to tertiary institutions (Institute of Management and Technology Enugu)

(b)             To find out the extent to which the federal and state government funds the institution.

(c)              To ascertain the impact of inflation and other unforeseen variables.  On the usefulness of budgeting in tertiary institution management.

(d)             To ascertain the role of budgeting in the face of inflationary pressure.  To analyse impact of the role of budgeting in the face of inflationary pressure in tertiary institution management with particular attention to Institute of Management and Technology, Enugu.

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