Budget and Budgetary Control: A Pragmatic Approach to the Nigerian Infrastructure Dilemma

OYEBODE, Oluwadare Joshua (2018) Budget and Budgetary Control: A Pragmatic Approach to the Nigerian Infrastructure Dilemma. World Journal of Research and Review. ISSN 2455-3956

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Abstract

Planning involves developing objectives for the construction management, infrastructure development and preparation of various budgets to achieve desired objectives to avoid cost overrun and time extension. This study evaluates the impact of budgeting and budgetary control on the performance of manufacturing company in Nigeria with an approach to Nigerian Engineering Infrastructure. This was conducted using Cadbury Nigeria Plc., as case study. Since wants are plenty while resources are limited, every organization tends to find means by which it can get what it wants with the limited resources at its disposal. Therefore, firms seek to adopt the concept of budgeting and budgetary control to satisfy their needs at the least possible cost and at the same time fulfill their stewardship obligations to the numerous stakeholders. We adopted a descriptive research design with data gathered through questionnaire administered to respondents. Non-parametric tool of chi square was employed to analyze the data. Hypotheses were tested and analyzed on a 5% level of significance and it was revealed that budgeting is a useful tool that guides firms to evaluate whether their goals and objectives are actualized. Considering the changing environment in which firms now operate, it can be concluded that budget, which is a continuous management activity, should adapt to changes in the dynamic business environment in order to avoid infrastructural dilemma.

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