BANKING DISTRESS IN NIGERIA CAUSES AND IMPLICATIONS

 

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CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY 1
1.2 STATEMENT OF THE PROBLEM 3
1.3 PURPOSE/OBJECTIVE OF THE STUDY 4
1.4 SIGNIFICANCE OF THE STUDY 4
1.5 LIMITATION OF THE STUDY 5

CHAPTER TWO
REVIEW OF RELATED LITERATURE 8

CHAPTER THREE
RESEARCH DESIGN AND METHODOLOGY
3.1 SOURCES OF DATA (SECONDARY SOURCES)24
3.2 LOCATION OF DATA 26
3.3 METHOD OF DATA COLLECTION 26

CHAPTER FOUR
FINDINGS 29

CHAPTER FIVE
RECOMMENDATION AND CONCLUSION 32
BIBLIOGRAPHY 35

A PROPOSAL
BANKING DISTRESS: Is a condition when the Banking system as a whole has negative capital and current profit are insufficient to cover losses to such an extent, that the banking system is unable to generate internally positive capital.
However, Banking distress has been a talk of the town, and it has became so rampant that even the customers to banks are after and so conscious of bank distress, which may or may not occur. Bank distress has been a cankerworm which has eaten deep to the banking stem, which leads people to death, frustration, sickness, denotion, poverty even madness over night. Let take the case study of the former (ACB and Savanah Bank) these two has led some people to poverty and some to untimely death, some ran madness over night, some children dropped out of school some family can’t find food to eat, even some business closed down/folded up.
Moreover, every problem has a solution, there are some measure that could be taken to eradicate this cankerworm that has eaten deep to banking system, one of the measure and the most important is from the foundation before any bank should start in existence, they should make sure that it is a registered bank with every statistic ready for the operation another important one is capable management have to be very strong enough. Technological know how, trained expert, another important point is SITING i.e where the bank will be built, weather insane opposite or a place that is at the SITE. You consider also the target, and the kind of business that people around engaged on.
Apparently, there should be won for further training of the staffs, and a good conducts especially from the staffs has to the exhibited on how to welcome and handle customer because there is an idiage which says “one good turn deserves another”. If all these things are put in place, bank distress must be eradicately.
Finally, recommendation for the staffs to be travelly outside the country for a course has to be in place, in order for them to get a new ideas and innovation that can help in development of the banks, which leads to civilization. Embezzlement of bank money has to disappear and fraud of any kind has also to be disappeared completely.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The issue of bank distress has been a problem which financial institutions suffer must. The era of all for free banking in Nigeria brought which can be traced as of (1892) when banking started in Nigeria gave room for the establishment of many banks because there was little or no laws guiding banking business. Because the was no law or supervisions on establishment of banks, many banks were established without adequate capital requirement.
Morestill, the era of Structural Adjustment Programme (SAP) and deregulation brought another face in the banking industry which made many banks to sprang up in Nigeria. This made many more banks to be established in our country. But, as more laws guiding banking industries were established some of these mushroom banks were affected. Such laws were regulated by some bodies and each bodies include, BOFIA, CAMA 1990, NDIC etc. banking and other financial institution Act, Company and Allied matter Act, Nigerian Deposit Insurance Corporation and all these bodies regulating the activity of banking in Nigeria.
However, bank distress became a problem in the country when these regulating bodies started monitoring the activities of these banks. Infact, so many of them as a result of not meeting the banking CAMEL, they became distress. CAMEL here refers to, capital Adequacy, Assets Quality management competency, Earning Strength and Liquidity sufficiency.
Infact, by 1954, vitually all the indigenous banks that sprary up during the free-for-all banking period got distressed and finally failed. In this period only three of them, the National Bank of Nigeria, the Agbonmagbe bank (Presently WEMA Bank) and the African continental Bank survived. Infact they were able to survive because they got assistance from state government.

1.2 STATEMENT OF PROBLEM
Having seen all the measures adopted by the government to avoid bank distress by establishing regulating bodies and laws to avoid distress. Many banks still get distress. The question now is, why do banks still

THE RIGHT AND RESPONSIBILITIES OF A BANK TO THEIR CUSTOMERS

 

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ABSTRACT
This is a research on the right and responsibilities of banks to their customers.
The research sort to know the bank right right and responsibilities to their customers which has bee in existence in banking operation and has been felt by the people and to the extent, their objectives has been achieved.
In carrying out this research the researcher made use of oral interviews, questionnaire and library and the finding were rights and responsibilities of banks to their customers, which has been felt through many areas of their promotional activities such as loan advancement.
It has been find out that banks charges commission to their customers, banks accept money from their customers, and banks a turn irregular instrument to their customers, all his has been greatly achieved through banks and customers relationship.
Therefore, it was this base that the researcher made the conclusion that banking operation has been appreciated by the people and customers objectives has been achieved greatly.
TABLE OF CONTENT
1.0 CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
1.2 STATEMENT OF THE PROBLEM
1.3 OBJECTIVES OF THE STUDY
1.4 SIGNIFICANCE OF THE STUDY
1.5 LIMITATION OF THE STUDY
1.6 DEFINITION OF TERMS
2.0 CHAPTER TWO
2.1 LITERATURE REVIEW
2.2 CAUSES OF BANK FRAUD
2.3 CONTROL OF FRAUD
3.0 CHAPTER THREE
3.1 RESEARCH DESIGN OR METHODOLOGY
3.2 SOURCES OF DATA (SECONDARY ONLY)
3.3 LOCATION OD DATA
3.4 METHOD OF DATA COLLECTION
4.0 CHAPTER FOUR
4.1 SUMMARY OF FINDING
5.0 CHAPTER FIVE
5.1 RECOMMENDATION AND
5.2 CONCLUSION
CHAPTER ONE
BACKGROUND OF THE STUDY
Banking operation in Nigeria has gone through very dramatic changes within this decade. The bank has grown beyond optimistic expectations. Over the period, the number of banks expanded five fold, the variety of banks increased, banking operation were substantially deregulated, competition increased and bank were forced to be more innovative and service oriented.
This has made the researcher to go in for the topic the rights and responsibilities of banks to their customers. The banks right to their customers are to charge commission to their customers for service render to them, banks return irregular instrument like unpaid cheques, which are not properly drawn, also banks return cheques exceeding authorized overdraft, this are customers which want to make overdraft facilities but the customer did not come with the duration and so banks will return the cheque exceeding the overdraft.
And some of banks responsibilities to their customers are: to pay cheques to their customers banks receive money from their customers, banks gives reasonable notice before closing credit account of a customers. All this has made baking operation to be well structure and service oriented. When banks has much fund in their banks the right and responsibilities is fully achieved.
As a matter of fact between 1947-1952 a total of 22 banks were registered by Nigeria according to the study concluded by the C.B.N. of Nigeria but within four years because they cannot met up with their rights and responsibilities they well all out of duties (Distress)

STATEMENT OF THE PROBLEM
A bank is s financial institution, which provide minimum banking services and which is licensed as a bank by the federal government of Nigeria as a financial institution. This banks are duely bound to posses their rights and responsibilities to their customers but as a matter of fact, there are some with standing problems which comes across the banking operation, some of which are:
Lack of fund when customers or banks balance or overdraft is not sufficient to cover his cheques the bank is not liable to pay the customers cheques.
Customers Death: The death of a customer cancels all mandates and authorities relating to his account, the banker may receive in express or constructive notice of his customer’s death and in either case, no further cheques must be honored.
Bankru

BUDGETING: A SYSTEMATIC APPROACH TO PROFIT PLANNING AND CONTROL

(A CASE STUDY OF MOBILE TELECOMMUNICATION NETWORK LIMITED, MTN ZIKS AVENUE ENUGU STATE)

ABSTRACT

 

Budgeting – A systematic approach to profit planning and control is a work centered on the use of budgeting as a tool for planning and control for profit maximization in a mobile telecommunication network Nigeria limited Enugu as a case study. The objective of this study is to show the importance of budgeting as a tool for systematic profit planning and control in the mobile telecommunication network Nigeria limited which has profit maximization as its objective. The research work is also aimed at identifying the steps adopted in the formation of annual budget of MTN Nigeria.

CHAPTER ONE

1.0  INTRODUCTION                                               1

• Historical Development of the Firm 4
• Statement of the Problem 5
• Objective of the Study 9
• Research Questions 10
• Scope of the Study 11
• Limitation of the Study 11
• Significance of the Study 13
• Definition of Terms 14

CHAPTER TWO

2.0  LITERATURE REVIEW                                       16

• Introduction 16
• Definition of Budgeting 17
• Types of Budgeting 20
• Sources of Data 22
• Stages of Budgeting Process 22
• Budget Review 27
• Appraisal of Fixed, Flexible and Other Budget 28
• Planning Function 29
• Controlling Function 30
• Budgeting Control 31

 

CHAPTER THREE

3.0  RESEARCH DESIGN AND METHODOLOGY            33

• Research Design 33
• Sampling Techniques 33
• Sampling Design and Population Size 34
• Sources of Secondary Data 34
• Interview Questions 35
• Method of Data Analysis 35
• Distribution of Chi-square Statistics 36

 

CHAPTER FOUR

4.0  DATA PRESENTATION, ANALYSIS

AND INTERPRETATION                                     39

4.1  Analysis of Questionnaire Returned                           39

 

CHAPTER FIVE

5.0  SUMMARY OF FINDINGS, CONCLUSION

AND RECOMMENDATIONS                                 54

• Summary of Findings 54
• Conclusion 56
• Recommendations 57

 

Bibliography                                                    60

Appendix                                                        63

CHAPTER ONE

 

1.0  INTRODUCTION

The growing complexity of the business environment and the ever increasing competition among firms in the modern time, make planning and inavailable tool for business success.

Budgeting is one of the tools adopted by management for effective cost planning and control.

A budgeting commonly understood as the forecast of government, organization or society, of its expenditures and ventures for a specific period of time. The period covered by a budget is usually known as a financial year. Budgeting is concerned with the utilization of financial resources to serve human needs. Budgeting is mainly a mechanisms for making choices among alternative expenditure.

An enterprise which is effectively and efficiently managed produces good and rewarding results. Management is efficient if it is able to accomplish the objectives with minimum efforts and costs.

Profit planning and control or budgeting is an integral part of management. The decision making process of management sesits with planning. Planning is the design of a desired future and of effective ways of bringing it out. Planning involves the determination of the future course of action for accomplishing the objectives of the enterprise. The basic purpose of planning is the provide guidelines for making decisions. It is a forward process to reducing uncertainty about the future.

Planning is a continuous process which would generally involves four fundamentals steps:

1. Establishing the objectives
2. Determining the goals
3. Development strategies
4. Formulating profit plans/budgets

Objectives are the statement of boar and longterm desired state of position of the enterprise in the future. They are directional and motivational in nature. They are generally the qualitative expressions of the desired future state.

Goals represent the operational specifications of the broad objective with time and quantity dimensions. Goals are the quantified targets to for attained within a specific period.

Strategies specify the ways of achieving the goals operationally. For instance, use of retained earnings for expansion, keeping dept at a reasonable level, expending sales through price reduction and aggressive advertisement.

Finally, the formalization of objectives, goals and strategies for operational purpose is called the profit planning or budgeting. It is called the profit plan or budget because it explicitly states the goals in terms of time expectations and expected financial results for each major segment of the entity.

 

1.1  HISTORICAL DEVELOPMENT OF THE FIRM

It is important at this point to review briefly the history of the company Mobile Telecommunication Network Nigeria Limited (MTN). it was incorporated in Nigeria communications commission. On May, 2001 MTN emerged as the first to make calls on its GSM Network in the new dispensation. Thereafter, the company launched full commercial operations beginning with Lagos, Abuja and Port-Harcourt in the company new provides coverage to 85 cities and well over 5,000 communities and villages, spanning every geo-political zone and 31 of Nigeria’s 36 states.

It is the first to erect a country wide micro-wave radio transmission backbone, offering unnvalled value for money evidenced by a loyal customers base attracted by MTN’s convenience, mobility, roaming on 30 international networks and economic tariff.

MTN’s product and services are available at its friend scrip centres and a nationwide network of dealership, banks and convenience channels including entries, petron stations and neighbourhood stores.

 

1.2  STATEMENT OF THE PROBLEM

It is the primary duty of management of the organization to ensure the achievement of the company. The company was faced with high operational cost due to inadequate infrastructure, security of lives and property, low disposal income, high import tariffs. This research work is therefore intended to help in determining and highlight the problems that militate against the application of utilization of budgeting as a tool for profit planning and control. The research work will help in providing solutions to the following problems;

1. Inability of the company’s objective
2. Insufficient appraisal of the company’s performance based on budget
3. Inability of functional officer in the cost centers to standard pre-planned by the company.
4. Insufficient mortuary of compliance as well as derivations from the departmental and overall budget.

 

TECHNICAL ASSISTANCE/COMMERCIAL SERVICE AGREEMENT

The company is technically supported by Nami Tech in South Africa who does the prepaid voucher and supplies to MTN.

COMPANY’S CONTRIBUTION TO NIGERIAN ECONOMY

MTN currently employs more than 1,200 Nigerians – more than 160 Nigerian companies are currently MTN distribution partners. Yet a great many other Nigerians earns a living as self-employ proprietors, many others operate the hundred of business centres scattered all over the city/cities.

 

VISION

• To improve telecommunications, infrastructures and access throughout the countries where operate
• Quality services
• High profile distribution and accessibility of their services and products
• Setting up a good base for future expansion
• Training and transforming skills to local staff
• Becoming a good corporate citizen and becoming a major player in the Nigerian economy.

MISSION

• To be a catalyst for Nigeria’s economic growth and development helping to unleash Nigeria’s strong development potential not only through the provision of world class communications but also through innovative and impactful corporate social responsibility initiatives.
• We want the calls made on our network to be the best quality in Nigeria
• We want our network to cover the broadcast areas of Nigeria and other continues to enhancing of convenience and value desired from using our network.
• Every call made should enforce your convinction that MTN is needed.

 

 

 

 

1.3  OBJECTIVES OF THE STUDY

Budgeting, planning and control are the major components for a successful management in the Mobile Telecommunication Network Nigeria Limited. These are the areas of responsibility of management, and to an extent, present a yardstick for performance evaluation of management function. Hence this study includes in its purpose the following.

1. To highlight the importance of budgeting as a tool for planning and control in the operations of a telecommunication company with profits maximization as its main objective.
2. To identify the procedures adopted in the reformation and implementation of annual budgets in Mobile Telecommunication Network Nigeria Limited Enugu.
3. To determine whether or not budgeting control as a management tool contributes to the improvement of managerial efficiency and highlight productivity.
4. To determine whether there is a correlation between the types of budget implemented and their performance.

 

1.4  RESEARCH QUESTIONS

1. Are workers communicated of the company’s objective(s) when preparing the budget?
2. Is there division of the actual from the standard set?
3. Does the budget imposes a threat to the managers rather than a challenge?
4. Does management ensure adherence to the budget?

 

 

 

1.5  SCOPE OF THE STUDY

Budgeting – a systematic approach to profit planning and control can be limited to Mobile Telecommunication Network Nigeria Limited Enugu both in accessibility to ascertain information and distribution and collection of questionnaires.

The major problem faced were insufficient fund to cove the cost of printing questionnaires, distribution and collection of same to and from the respondents.

 

1.6  LIMITATION OF THE STUDY

However, there are some factors that affected the smooth running and operations and conduct of the research works. These factors are:

1. Financial Constraints: Finances was one of the major factor that limited this study. This is because the researcher did not have enough money to carry out the research.
2. Unavailability of Materials: This factor was the major factor that limited this research work, the researcher found it difficult to acquire most of the materials needed for the research work.
3. Time Constraint: Another factor that affected this research work was time, due to the fact that where the researcher started the project has at the middle of normal academic session, so there was no time to cover up and meet up with some things and other school activities.
4. Management Constraints: This was another factor that affected this research work. The management of the mobile telecommunication Network (MTN) did not co-operate with the researcher while the research was going on.

1.7  SIGNIFICANCE OF THE STUDY

The significance of this study is to determine whether budgeting is an approach to profit. This study will be of great importance to determine the following:-

1. The study will determine whether budgeting as a tool for planning and control plays any significant role towards ensuring profitability and efficiency of goods and services.
2. To ascertain the role played by the management in the budgeting and whether they ensure adherence to the budget.
3. The study will also help future researcher on budgeting and budgetary control with emphasis on mobile telecommunication Network Nigeria limited.
4. Ascertain the roles of budget as a tool for effective and efficient utilization of resources.

 

1.8  DEFINITION OF TERMS

Budget: The Chartered Institute of Management Accountants (CIMA) defines budget as “a plan quantified in monetary terms, prepared and approved prior to a defined period usually one year, showing planned into income to be generated and expenditure to be incurred during the period and the capital to be employed to attain that objective.

Budgetary Control: This is the establishment of a budget relating the responsibility of executives to the requirements of a policy and the continuous comparison of actual with budgeting results either to secure the individual action with the objective of that policy or to provide a basis for its revision.

Planning: This is the establishment of objectives, and the formulation, evaluation and selection of the policies strategies, tactics, and nation required to achieve these objectives.

Control: This is the process of ensuring that a firms activities conform to its plans and that its objective are achieved.

Variance: This is the difference between planned (budget and actual results).

Favourable Variance: This is excess of the budget result over the actual result, in the case of cost but in the case of revenue it is the excess of that result over the budgeted.

Unfavourable Variance: This is the excess of actual result are the budgeted in terms of cost and vice-versa in terms of revenue.

Business: Any establishment which has profit motive or maximization as its major objectives.

Organization: All establishment whether government or privately owned.

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

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ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

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THE ROLE OF CENTRAL BANK OF NIGERIA IN THE ECONOMIC GROWTH OF NIGERIA

 

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CHAPTER ONE
1.1 Statement of the problem 1
1.2 Rationale of study 2
1.3 Significance of the study 2
1.4 Definition of terms 4
CHAPTER TWO
2.0 review of related literature 6
2.1 the establishment of C.B.N 10
2.2 history of the banking industry 13
2.3 the central bank of nigeria and the banking industry 15
2.4 the central bank the financial system 16
2.5 the role of the central bank in nigeria 19
CHAPTER THREE
3.1 Statement of hypothesis 24
3.2 Research methodology 25
3.3 Source of data 26
CHAPTER FOUR
4.1 Data presentation 28
4.2 Analysis of data 35
CHAPTER FIVE
5.1 Summary 47
5.2 Conclusion 48
5.3 Suggestion (recommendation) 49
Bibliography 51
CHAPTER ONE

INTRODUCTION
1.1 STATEMENT OF PROBLEMS
Investigation are been carry out in this project, central bank of Nigeria is a financial institution establishment by the law (Act of parliament) vested with power of promoting monetary stability sound financial system by issuing legal tended currency, maintain the value of domestic currency etc. CBN source of funds were form share capital, general reserve, currency in circulation deposit by federal government (FG) deposits by the sate government and deposit by banking industries etc.
Central bank of Nigeria (CBN) is supposed to contribute to the economy development of a Nigeria in the following ways. Such contribution done by CBN were issuing of currency notes, funding agriculture sector, funding banking industries, prevention of bank crisis etc. Also CBN is suppose to contribute to economic growth through monetary policy in the economy such as bank rate, open market operation (OMO) legal reserve ratio, special deposit and moral suasion etc. CBN have constitute economy growth by using money market instrument like treasury certificate, banker unit find etc.
In this project the area I want to work on is monetary policy. The aspect to study is bank industries that CBN had aid to growth and development.

1.2 RATIONALE OF STUDY
In this project, the rationale of study will involves in the aspect area which the central bank of Nigeria aid economic growth and development of banking industries in Nigeria. This can be carry out in the following ways.
1. To find out whether CBN only financial institution authorial to issued currency and distribution within the banking industries.
2. To know, if CBN uses monetary policy to control activities of other banks within the banking industries.
3. To find out how CBN will superv

BUDGET AND BUDGETARY CONTROL AS A TOOL FOR EFFECTIVE DECISION AND PLANNING IN MINISTRIES AND PARASTATAL

(A CASE STUDY OF MINISTRIES AND PARASTATAL IN IMO STATE)

ABSTRACT

 

Budget and budgetary control as a tool for effective decision and planning in ministries and parastatals.

The researcher is prompted into choosing this due to the peculiar nature of the topic budgetary control in ministries and parastatals.  In this project work the definition of budget is being known as a techniques their task of planning, coordinating, directing and control in an organization.  For a government ministries to achieve their aims budget must be enlisted in Agenda.  In carrying out this project work the topic identify the objective, statement of hypothesis, significance of the problem and the limitation of the project work.

This project work is limited to the budget of Imo state government ministry and parastatals.  Nevertheless profit oriented organization and parastatals make use of different budget to enable them meet their desire goals.  I bid to identify those administrative probelsm personal observations and interview where made and conducted, it was discovered that budget and budgary are the key note of every successful body or organization as a result of policies not being strong enough to beat them to it.

Finally budget enjoys a wide application.  They can be used in our private homes where a civil servant who earns and income and plan on it.  Also the same thing is applicable to the ministries and parastatals.

CHAPTER ONE

INTRODUCTION

• Statement of the problem
• Statement of the hypothesis
• Objective of the study
• Significance of the study
• Limitation f the study
• Definition of the term

 

CHAPTER TWO

LITERATURE REVIEW

• Budgets
• Budgetary control
• The planning and control process
• Management by objective
• Management by exception
• Budgetary system in non-project secking organization

 

CHAPTER THREE

Research methodology

• Primary source of Data collection
• Type of primary source of data
• Advantage of interview method
• Secondary source of data collection
• Type of secondary data collection

 

 

CHAPTER FOUR

TEST OF HYPOTHESIS

• Budget and budgetary control in Imo state
• Review of Imo state government budget
  • 1997 Budget
  • 1998 Budget
  • 1999 Budget
  • 2000 Budget
• Presentation and analysis of data

 

CHAPTER FIVE

SUMMARY OF FINDING, CONCLUSION AND RECOMMENDATION

• Summary of finding
• Conclusion
• Recommendation
• Bibliography

 

INTERVIEW QUESTION

The researcher used the state ministries and parastatals as her case study.  This section illustrates the format of the questionnaire, showing the different types of questions to members of staff in the ministries.

 

1. Age
2. Below 20 (      )
3. 20  – 30  (       )
4. 30 – 40 (      )
5. 40 – 50 (      )
6. 50 and above (    )

2. Marital status
3. Single ( )
4. Married ( )
5. Divorced ( )
6. Widowed (     )

 

 

3. Sex
4. Male ( )
5. Female ( )

 

4. Higher Qualification
5. WASC/GCE ( )
   1. OND/ A LEVEL / NCE ( )
   2. DEGREE / AND ( )
   3. Professional accounting qualification (ANAN, ACCA, ICAN ) ( )
   4. Others ( )

 

5. How long have you held this position
6. Below 5 years ( )
7. 5 – 10 years ( )
8. 11 – 20 years ( )
9. 21 years and above ( )
10. Does your ministry prepare budget?
11. Yes (    )
12. No ( )
13. How do you prepare your budget?
14. is it monthly ( )
15. Yes ( )
16. No
17. Is there any department that is responsible for preparation of your budget?
18. yes ( )
19. No (     )
20. How is the budget department organized ?
21. Is it loose or strict?
22. Yes ( )
23. No (    )
24. Do all departments / units of the ministry make their input in the budget?
25. yes (    )
26. No (   )
27. Are workers encouraged to make effort and work toward the goals get for the ministry?
28. Yes ( )
29. No (    )
30. Do you always accomplish your budget target?
31. Yes (    )
32. No ( )
33. how do you treat diviations (if any) that arise from the budget? Is it investigated?
34. Yes ( )
35. No ( )
36. Is the top management responsible for explaining variance?
37. Yes (    )
38. No (    )
39. If you operated in excess of the budget are you penelised for exceeding the limit without authority?
40. Yes (    )
41. No (    )
42. If you operated according to the budget are you rewarded accordingly or commended for a job well done?
43. Yes (    )
44. No (     )
45. How does your ministry know the progress so far on any project they have undertaken? Is it by checking eh objective / goals? In which that project was authorized.
46. Yes ( )
47. No (     )
48. Do heads of departments / units report to their activities to top management on regulated periods.
49. Yes ( )
50. No ( )
51. Do budgets relate to activities with common objectives?
52. Yes ( )
53. No ( )

 

CHAPTER ONE

 

INTRODUCTION

Budgeting is essentially concerned with planning and can be broadly illustrated by comparing with the routine a ship captain follows on each voyage.  Before the voyage, he will plan his route, taking into account such factors as shipping hazards, tides and possible adverse weather forecast.  During the voyage he will check on his plans and record and unusual conditions.  If necessary, he may even have to levitate from his plan if prevailing circumstances require it.  On completion of the voyage he will compare the conditions he encountered with those he expected and use the experience gained in planning similar voyages in the future.

Budgets and budgeting control are two accounting techniques, which top management adopts to achieve its tasks of planning, coordinating, directing and control in an organization.  Planning is mainly concerned with the establishment of objectives the formulation, evaluation and selection of the policies, strategies facilities and actions required to achieve these objectives planning was previously based on historical cost conventions.  This process increased the emergency decision which top management had to make because historical cost conventions are not future oriented; they do not aid planning.

In order to reduce to management emergency decision making processes and thus aid planning, variable budgets were introduced.  This is so because managers want to know more than they have done currently in relation to last period performance, they also want to know how they have done currently in relation to their current target performance.

Control on the order hand follows closely after action has been taken.  If is a process where by actual performance is compared with targeted budgeted performance any deviations from this target are investigated for an in-depth or positive explanations to be given.  Budgetary control is the technique used for this purpose and when it is combined with budget, it becomes part of responsibility accounting the aim of budgetary control is to provide a format basis for monitoring the progress of the organization as whole and of its components parts, towards the achievement of the objectives specified in the planning budgets.

Budgets enjoy a wide application.  They can be used in our private homes where a civil servant who earns a monthly income will map out his objectives and plan effectively with what he haste achieve these objectives.  Both profit-oriented and non-profit oriented organization apply in all three tiers of government –local, state and federal.

Profit oriented organization use the type of budget that is output and objective oriented to enable them know how efficient they have been in managing the resources available to them.  They therefore use the planning programming budgeting system (PPBS) budgeted expenditure is compared with actual performance achieved.  The system is based, not on traditional organizational structure and divisions, but on programmes grouping of activities common objectives.

This is in sharp contract with the type of that is used in non-profit seeking organizations like the local state and federal government agencies.  This is the line item budgeting system.  This method is the tradition the traditional approach to government allocation; it is oriented to expenditure and budget relates mainly to the organizations from which they are prepared not for the purpose for which money is spent.

 

 

• OBJECTIVE OF THE STUDY

The purpose of the study is to find how budgets and budgeting control is used as a tool for effective decision and planning in ministries and parastatals in Imo state.  Specific components of planning and control process will be empirically test to determine whether the impact is positive or negative.

 

• STATEMENT OF THE PROBLEM

Most often budgets and budgetary control research has concentrated greatly on profit- oriented organizations as if research in this area cannot be extended to the non-profit seeking organization, like the state ministries and parastatals, local government councils and churches.

Budgets are attention directing and forward looking financial statement.  Budgets tend to ensure goal congruence and elicit managerial effort, which are both wrapped up in motivation.  Budget relates objectives and policies to management responsibilities and facilitate accountability and overall control.

In profit seeking organizations, budgetary control provides relevant information relating to what the organization wants to achieve and the measure it would adopt to translate its plan into reality. It is time to direct the searching eyes of budgets and budgetary controls to non-profit seeking organization like the state government ministries and parastatals.  There could be no more opportune time than note in view of the stat government and ever increasing responsibility of catering for the welfare of the teeming population.

 

1. How are organizational goals or objectives related to individual or management?
2. Are there goal congruence and managerial effort, which is conjunction may motivate?
3. How participatory is their budgetary process.
4. Do they regard the budget as an authority to spend and a limit not to be exceeded?
5. How do they explain the deviations arising from the budget?
6. Do they normally have principal factor ?
7. Is there a coordinating committee to integrate the efforts of all the functional staff who prepare the budget?
8. Does top management give its full support to the budget?
9. Are the budgets based on time horizon?

 

• STATEMENT OF THE HYPOTHESIS

The research hypothesis aims at finding a positive or negative of budgets and budgetary control as a tool for effective decision and planning in government ministries and parastatals in Imo state,  the following specific hypothesis based on planning and control process is tested empirically.

 

Planning

HO:   The budgets are not related to activities with common objectives and so there is no responsibility accounting.

HI:     The budgets are related to activities with common actives and so there is responsibility accounting.

2. HO: The staff are not commended for operating to the budget and so there is no motivation.

HI:     The staff are commended for operating according to the budget and so there is motivation.

Control

3. HO: There is no feedback showing how well budgets are working out at all levels of the organization structure.

HI:     There is feedback showing how well the budgets are working out at all levels of the organization structure.

4. HO: There is no investigation of variance from the budget.

HI:     There is investigation of variance from the budget.

 

• OBJECTIVE OF THE STUDY

The purpose of the study is to find how budgets and budgetary control is used as a tool for effective decision and planning in ministries and parastatals in Imo-state.  Specific components of planning and control process will be empirically to determine whether the impact is positive or negative.

 

• SIGNIFICANCE OF THE STUDY

We see no more opportune time than now for this study that her resources of the state government are dwindling.  The state share of the federation account has been on the decline for some time now and this complied with the ever-increasing government responsibilities of catering for its citizening.

It is therefore imperative to measure the performance of the state government when faced with the above and to know the extend they are influenced by budget and budgetary controls.

 

• LIMITATION

In the course of the project work a number of constraints have delayed the smooth progress of the work due to the fact that the project work is coinciding with academic.  Most especially frequent lectures do occur when an supposed to see my supervisor.

 

Money constraint has also delayed the progress of the work.  Any project, which involves spending money is usually difficult to accomplish sue to economic crunch.  The increase of material like biro and paper used in the writing of the project is also difficult.

 

 

 

 

• DEFINITION OF TERMS

GOAL CONGRUENCE:  This means that the aims and objectives of all the workers in at an organization should be tailored towards achieving the aims and objectives of the organization.

 

MANAGERIAL EFFORT:      This means the physical and mental exertion made by workers towards a goal

 

HISTORICAL COST:    This is a cost the has already been incurred and which is not relevant for decision –making purpose.

BUDGET SURPLUS:    The means excess budgeted revenue over budgeted expenditure.

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