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Budgeting has a role to play in Nigeria present economic situation role to play in Nigeria present economic situation. Budgeting which is defined and approved prior to a defined period of time of the policy to be pursued during that period for the purpose of attaching a given objective is primarily a process of planning and control. A well prepared budget provides management with a planned programme. It also provide a way to co-ordinate the various actions of the organization.
Budgeting is the most comprehensive financial technology orderly used within an organization.
Budgeting will position one’s mind of the actual result on outcome with the predetermined plan. The result of every efforts of different organizations and field, will be fore-casted.
Budgeting will reduce wastage of manpower, wastage of finance, goods and services.
Budgeting have a role to play in this present economic development of Nigeria. Budgeting which is defined as “A financial statement prepared and approved prior to a defined period of true of the policy to be purpose of attaining that period for the purpose of attaining a given objectives is primarily a process of planning and control. A well prepared budget provides management with a planned programme based on research by the entire organization. In addition, a carefully planned budget, provides owing to co-ordination the various actions of the organization. Budgeting is the most comprehensive financial technology widely used within an organization. When it is properly applied as a management process and toll it unites all parts of the institution and all aspects of management task into one complete management approach to profitability.
Budgeting positions one’s mind of the actual result or outcome with the predetermined plan. In other words, with good budgeting, the result of every effort can be forecasted. Through a good budgeting by exports there will be a standard economy, Budgeting reduces wastage of manpower, it also reduces wastage of finance.
Therefore, in order to avoid problems in carrying or preparing budget, budgeting should be carried out exactly there way it is being laid down by the experts if there is any correction or variation to be made in future, the experts should be involved.
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