Thesis Abstract

Abstract
This research project explores the concept of an economy operating without a traditional budget. In traditional economic models, budgets play a crucial role in planning and allocating resources, setting priorities, and managing financial operations. However, this study challenges the conventional wisdom by examining the potential implications of an economy that operates without a budgetary framework. The research delves into the theoretical foundations of budgeting in economics and the historical development of budgetary practices. By analyzing case studies of countries or organizations that have experimented with budgetless approaches or faced budgetary constraints, this project aims to uncover the advantages and disadvantages of operating without a budget. Furthermore, the study investigates alternative mechanisms for resource allocation and financial management in the absence of a traditional budget. This includes exploring the role of performance-based funding, outcome-driven decision-making, and real-time data analysis in shaping economic activities and policy formulation. Through a combination of quantitative analysis, qualitative research, and comparative case studies, this project seeks to provide insights into the feasibility and sustainability of an economy without a budget. By examining the potential risks and rewards associated with budgetless economic systems, policymakers and economists can gain a deeper understanding of the complex dynamics at play. The findings of this research have implications for policymakers, business leaders, and scholars interested in exploring innovative approaches to economic governance. By challenging conventional assumptions about the necessity of a budget, this study opens up new avenues for rethinking how resources are allocated, priorities are set, and financial decisions are made in a modern economy. Overall, this research project contributes to the ongoing debate on budgetary practices in economics and offers a fresh perspective on the role of budgets in shaping economic behavior and outcomes. By shedding light on the possibilities and challenges of an economy without a budget, this study aims to stimulate further research and dialogue on alternative models of economic governance.

Thesis Overview

1.1 INTRODUCTION

For an economy to achieve it’s goal, it is pre-determined at it’s effective
performance at the least possible cost. One mechanism to embark it’s budget is the budget.
The growth of any organization is determine by planning. Planning helps in deciding ahead of the future on what to do, how to do it, when to do it and who to do it.
The success of any organization lies on planning. Therefore planning means the setting of organizational goals and the means of achieving it. An economy without a plan has fail to plan.
Budgeting system guides the planning process.
Definition of Budget:
The Oxford Dictionary of accounting defines budget as “a financial or quantitative statement prepared prior to a specified period, contained plans and policies to be pursued during the period.
The states budget is prepared by its management and the process involve a higher degree of complexity than budgets prepared by business organization.
1.2 STATEMENT OF PROBLEM
The problem of Nigeria budget is the delayance, it has been a
problem to those in charge of the formulation of the budget and the people involve in the implementation.
The delay in the presentation of budget in any organization affects the economy thereby making it impossible to attain to its goal; thus guiding on economy to remain stagnant.
An economy without a budget can not operates; if it can, then how?
1.3 PURPOSE OF STUTY
The aim of this research is to put implace and view the
management functions of budgeting. In order to underline the view that success in any economy alies not or occurs by chance, but enhancing a creative instants the ability to take advantage of opportunities through deliberate planning.
This research seeks to create awareness about negative impact of an economy without a budget and to make recommendation. It with also oblige government into making an early study of it’s problems, signifying and instilling into the government the habit of careful study before reading the budget.
1.4 SIGNIFANCE OF STUDY
It is not only preparing of budgets that matter but
implementing it that is of paramount important.
The government have to address the issue on how to eliminate delayance in implementing budget. Thus affecting the growth of the economy.
1.5 LIMITATION OF STUDY
As a result of insufficient time and financial mobilization