Thesis Abstract

Abstract
In traditional economic theory, the budget is a fundamental tool used by governments to allocate resources, manage expenditures, and stabilize the economy. However, in a hypothetical scenario where an economy operates without a budget, several challenges and implications arise. This research explores the concept of an economy without a budget and investigates the potential consequences on resource allocation, government spending, and overall economic stability. One key aspect of an economy without a budget is the lack of a formal framework for allocating resources. Without a budget, governments would need to rely on alternative mechanisms to determine how resources are distributed among different sectors and projects. This could lead to inefficiencies, misallocation of resources, and difficulties in prioritizing competing needs. Furthermore, the absence of a budget poses challenges for managing government spending. In a budgetless economy, it becomes more difficult to control expenditures and ensure that spending aligns with policy goals and objectives. This could result in increased fiscal deficits, rising debt levels, and a lack of transparency in government financial operations. The impact of operating without a budget extends beyond resource allocation and spending management to the broader economic stability of a country. Budgets serve as a tool for fiscal policy, allowing governments to implement measures to regulate economic activity, stabilize growth, and respond to economic shocks. In the absence of a budget, policymakers may struggle to implement effective fiscal policies, potentially leading to increased volatility and uncertainty in the economy. Moreover, the lack of a budget could undermine accountability and transparency in government operations. Budgets provide a framework for tracking expenditures, evaluating performance, and ensuring that public funds are used efficiently and effectively. Without a budget, there may be limited oversight and scrutiny of government spending, increasing the risk of corruption, mismanagement, and inefficiency. In conclusion, an economy without a budget presents significant challenges and risks for resource allocation, government spending, and economic stability. While this scenario may be hypothetical, understanding the implications of operating without a budget can shed light on the importance of budgetary processes in ensuring effective governance, fiscal responsibility, and sustainable economic development.

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