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Budget Implementation Essay

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Below is an essay on "Budget Implementation" from Anti Essays, your source for research papers, essays, and term paper examples.

Budget Implementation problems as a result of poor budget preparation.  Thesearise such that; Problems in budget implementation may reflect a poorlyformulated budget ± for example lack of credibility/realism. And lack of acomprehensive budget may complicate implementation ± for example separatetimetable and rules for capital budget, extra-budgetary funds. And,  also, wherespending ministries have not been fully involved in their budget formulation sothat they understand and own their budge7t.Also implementation problems can be reflected in lack of correct prediction of economic, social and political scenario or circumstances and the outbreak of situations like war, famine, natural disaster etc can hamper budgetimplementation. In Nigeria, the emergence of the civil war in May, 1976 reallyhinders the effective implementation of that fiscal year¶s budget.

The approved budget is unrealistic, so actual spending must be less thanauthorized

Extreme uncertainty concerning available resources, with quarterly or monthly allotments. E,g in Nigeria drop in crude oil prices due to worldeconomic depression.

Extra-budgetary funds outside the budget process, hoarded by spendingunits.

Significant arrears which are not included in financial statements thatrequires attention in the current budget execution. (diversion)

Significant discrepancy between actual and reported expenditure for certain activities.

Funds diverted to unauthorized purposes or private accounts (corruption)

Lack of civil society involvement in budget preparation andimplementation process in Nigeria

elayed publication of financial statements (lack of transparency andaccountability.)

Lack of expert inclusion in the budget preparation to effectively forecasteconomic variables.
Why Implementation is Important in Nigeria?
The importance of implementation underscore the basic functions of...

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