ABSTRACT

Wildavsky 1964 in Omolehinwa 1991 submits that budget serves divers purposes, it can mean different things to difference people. The following were itemised.

i A plan of work

ii An intelligent prediction

iii A link between financial resources and human behaviour to accomplish policy objectives

vi Mechanism of making choices among alternative expenditures.

v In the government, a record of performances that have prevailed in the determination of national policy.

Omolehinwa maintains that budget represents the plan of the dominant individuals is an organisation expressed in monetary terms, and subject to the constraint composed by the participants and the environment indicating how the available resources may be utilised to achieve whatever the dominant individuals agree to as the organisations priorities. However, this is one of the many accepted definitions of budget/budgeting given by some eminent scholars in the field. It would not be an overstatement to that say proper management would not be achieved if budgeting is not given attention. Thus the essence of the research on the efficacy and short coming of budgeting. Read on.