Budget In Higher Institution Of Learning In Nigeria (A Case Study Of Federal Polytechnic Oko)

Project and Seminar Material for Accountancy / Accounting

Budget In Higher Institution Of Learning In Nigeria (A Case Study Of Federal Polytechnic Oko)


Abstract


The main aim of this research work is focused on “Budgeting in Higher Institution of Learning in Nigeria “Federal Polytechnic, Oko.

The project set out to examine the effectiveness and efficiency of budgeting system in order to evaluate the past, present and future performance and trends in Federal polytechnic, Oko’s system.

In this project work, 50 questionnaires were distributed randomly among the staff at the institution. There were 100% responses as records in chapter four.

Data were analyses using tables and percentage.

Finding were as follows:-

  1. Confusion as to the purpose of budget
  2. Lack of definite goals spelt out in budge
  3. Use of technical jargons
  4. Appropriate method to be used in high institutions
  5. There is no control on performance.

Chapter One


Introduction

1.1 Background Of The Study

The practice of budgeting is as old as modern civilization and is central to effective management of learning resources. Most peoples, organisation, Institutions and companies will at one time or the other plan ahead, I terms of there activities and their available resources. This is done as a statement prepared and approved prior to a defined period of time, of the policy to be pursued during that period for the purpose of attaining a given objective. It serves as a quantitative expression of a plan of action and an aid to co-ordination and implementation.
As well as being a plan, a budget also act as a control against which actual performance can be evaluate. In order to make its decisions wisely, the management of federal polytechnic, Okoh and other higher institutions in Nigeria must have a vision about its future, and budge enhance that. Budget provides a rational and objective basis for allocation of scare resources in that institution. With so may competing needs of the management, the school and students, with regard to her learn resources, the discipline of budgeting compels school management to be discreet in allocating limited resources to meet unlimited expenditure possibilities. This does not suggest the absence of sentimentality and irrationality but at least these are minimized.

The aim of this project is “Budgeting in Higher Institutions of learning particularly Federal Polytechnic, Okoh”. It will cover areas as expected grants, internally generated revenue as well as expected expenditure.
Discussion will also be made as to the importance of Budgeting to Federal Polyphonic, Okoh including other higher Institutions of learning.

In the course of the study, the system adopted by federal polytechnic, Okoh will also be discussed and suitable system recommended for use.

Finally, an analysis will be made to see whether budgeting is necessary ion Federal Polytechnic, Okoh and other higher institutions of learning in Nigeria.


1.2 Statement Of Problem

It has become an annual ritual for the bursar of Federal polytechnic, Okoh and other higher institutions in Nigeria to send out circulars generally known as budget call circulars requesting heads of departments and units to submit an estimate of there requirements for a particular year. Such call letters are received in various department with mixed feelings, yet the exercise continues on a yearly basis. Some heads of department feel that such call letters are not important because they are essentially the same every year.

Others feel the budget process is a waste of time .yet another group feels that it is waste of scarce resources of such institution. There is still a group which feels that since federal polytechnic, okoli including other higher institution of learning are not profit making organizations, they should not engage themselves in the process of budgeting. The views present above are correct in each respect considering the general fact that such groups are not well educated on the importance and reasons why budgeting is necessary.

The major problem facing budget preparation in federal polytechnic , Okoli and in general ,most higher institutions of learning in Nigeria is therefore the confusion as to the propose of such budget v1s – a v1s the goals and aspirations of such institutions.

Other problems of such budget is lack of definite goals and objectives spelt out in those budgets. Unnecessary technical jargons also hinder the full appreciation of such budgets by various heads of departments. The researcher is of the view that after the currently exist as to the important of or purpose of budget in federal polytechnic, Okoh and in our higher institutions of learning will be a thing of the past.


1.3 Purpose Of The Study

The study seeks to achieve the following objectives concerning the budgeting system of the federal polytechnic, Oko.

  1. To verify the existence of budgeting by federal polytechnic, Oko
  2. To determine the system of budgeting to be adopted by federal Polytechnic, Okoh
  3. To confirm whether or not budgeting system plans are being adhere to.
  4. To determine the effectiveness and efficiency of budgeting system in federal polytechnic, Oko.

1.4 Research Question

  1. Do you prepare budget?
  2. Who are responsible for preparing budget?
  3. To what extent do you; the junior employees participate in the preparation of budget?
  4. Do you normally meet your budget estimate?
  5. Do you strictly adhere to the budget?
  6. When do you receive report on performance?

1.5 Need For The Study

It is deemed necessary to conduct an indept review of the budgeting process of federal polytechnic, Oko in order to educate heads of department and units on the importance of budgeting in their departments and units as well as other higher institutions of learning in Nigeria.

The basis assumption of the project is that, despite the fact that at present, all get proposals there is still a wide misconception as to the usefulness of such budget to their various departments.


1.6 Significance Of The Study

The researcher feels that this piece of research work will be of great important to the federal polytechnic, Oko because it may among others, provide a means of determining the responsibility of all departures from plans and will supply information on the basis on which the necessary corrective action may be taken.

Secondly, it can be useful to the National board for Technical Education in its budget allocation to the federal polytechnic, Oko and to similar institu5tions.

Thirdly, the finding could also de useful to the board of steer the institution towards achieving the set objectives.

Fourthly, this research work will broaden the education horizon of the researcher on issues concerning budgeting. It will also be of benefit to the students carrying out research on related topics.


1.7 Scope Of The Study

For the purpose of easy acquisition of relevant data and information, this study covers the general accepted system of budgeting world wide. A look will be undertaken of the importance of each system, its merits and de merits, in order to have a through analysis of the topic the study is not limited only to federal polytechnic, Oko as stated, as the case study. It goes beyond, to review the systems in order higher learning so that the research will have a balanced view of the budgeting system in higher institution of learning in Nigeria generally.

1.7.1 Delimitation Of The Study

The major delimitation f this project work was to the budgeting system in federal polytechnic, Oko. In order to have an in depth knowledge of the system of budgeting in Nigerian higher Institutions of learning, the researcher delimited his study to the federal polytechnic, Oko, thus the researcher collected information form other institutions in the country which helped in one way or the other in making the project what it is. The researcher also delimited her interviews and discussions to staff of the Federal polytechnic, Oko.

Infact, the researcher interviewed many people outside federal polytechnic, Oko, and in some cases outside the Nigerian Higher Institutions form people who have in one way or the other, the knowledge of higher institutions abroad. The researcher was happy to note that their computation and suggestions form formidable part of this project work.

Finally, another great asset in the production of this project work was the co-operation the researcher received form her supervisor. It is worthy of note that my supervisor gave me unflinching support in times of difficulties and made useful suggestion to the improvement of the project work..


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