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AN APPRAISAL OF BUDGET AND BUDGETARY CONTROL IN NIGERIA: PROCEDURES, PRACTICES AND POLICY ISSUES.

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AN APPRAISAL OF BUDGET AND BUDGETARY CONTROL IN NIGERIA: PROCEDURES, PRACTICES AND POLICY ISSUES.

 

ABSTRACT

This study evaluates the procedures, practices and the policy issues involved in budget and budgetary control in Nigeria. Results of this study which were based on both doajmentary and time series data showed that, within the past two decades there has been a progressive increase in the total expenditure of the Federal Government with a corresponding decrease in revenueThis has led to fiscal operational deficits and Government has been faced with the problem of not possessing the wherewithal, that is. -the political will and financial discipline’ to adequately control her budgetary expenditure in order to sustain and achieve a balanced as well as surplus budget. It is only whea this is done, that the economy can be positively stimulated and significant growth achieved. It is therefore recommended that Government should adopt a pragmatic approach in controlling her budgetary expenditure through an efficient monitoring system. This is to achieve the much desired macro- economic stability which is a prerequisite for favourable investment climate in Nigeria.

KEYWORDS: Budget. Budgetary control, expenditure, policy issues.