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 documentary and lime series data showed that, within the past two decades there has been a progressive increase in the total expenditure of the Federal Government wi !h a corresponding decrease in revenue. This 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 adequatelt: control her budgetary expenditure in order to sustain and achieve a balanced as well as surplus budget. It is only whe;, this is done, that the economy can be positively stimulated and significant growth achieved. It is therefore recommended that Governmerlt should adopt a pragmatic approach in controlling her budgetary expenditure through an efficient monitoring system. This is to achieve the much desired macroeconomic stability which is a prerequisite for favourable investment climate in Nigeria.