Strategic Budgeting System and Management of Public Resources: A Nigeria Review

Abstract

Nigeria is richly blessed with abundance of human and material resources yet the economy is struggling to leverage the country’s vast wealth in order to displace the overwhelming poverty that affect more than 50 percent of her population. This research paper investigated the effect of budgetary system on management of public resources in Nigeria. The population of the study is made up of Ministry of Finance with emphasis on Accountant General Office and Budget office of the federation, CBN and  National Assembly. Related literature was reviewed and there was a consensus opinion that national wealth has not been efficiently management due to weak budgeting system in Nigeria. Source of data was primary and 120 copies of structured questionnaire were administered out of which validly completed 110 were returned. Data were analyzed and Pearson Product Moment Correlation Coefficient used for hypotheses confirmation. The result obtained shows that though there is significant relationship between budget system and public administration but seems very weak in Nigeria’s context.  It was recommended that government at all levels should embrace budget reform in order to maximize efficiency.

Key words: Strategic budgeting; Efficient management; Public resources; Budget failure.