Nigerian budgeting process and the magnitude of budget variances by suleiman as aruwa abstract this paper examines the problems of budgeting process and fiscal management as signified in the magnitude of budget variances and the driving external factor of oil revenue contributions.
Keywords: nigerian government budget, revamping the budget, stages of government budget preparation in nigeria, budgeting system in nigeria 10 introduction the nigerian economy has experienced fluctuation in its growth pursuits for instance there have been revenue gains with not much to show in terms of development in the economy. Budgeting system in nigeria essays and research papers budgeting system in nigeria nigeria correctional systems 1 nigeria correctional system chiquita yusuff axia college cjs/230 nigeria correction system 2 “protect the society reform the prisoner.
However, in nigeria, experience was derived from a more mature british system because, the national system was adopted during the time of independence between 1957-1960 in spite that nigeria did not fail to encounter avoidable problem in the budget ude mo emphasised that government budgeting emerged out of representative democracy. Budget is an important tool in governance and most relevant to the economic policy it is the second most important document after the constitution in any nation it signifies that budget is an expression of the constitution and statutes of government which endow the executive and legislature with designated financial and managerial responsibilities.
The 2017 budget of n729 trillion is a vital fiscal tool that has the potential to support the economy however, implementation of the budget is crucial to its success revenue generation needs to be enhanced through the blockage of leakages, improving tax efficiency and implementing clear fiscal reforms that support the business environment and therefore non-oil revenue.
Responsible for poor budgeting in nigeria the final section suggests the way forward to having a good budgetary system 2 methodology in order to achieve the objectives of the study, the paper generated data mainly from existing literature on budgets content analysis was used.
Budget is an instrument of economic and monetary policy the budget can be used to control the economy to a substantial level budget helps in the determination of governmental activities to satisfy preferences of people budget helps the government to attain greater efficiency, in the uses of resources.