The Role Of Budgeting In The Present Nigeria Economic Situation

The Role Of Budgeting In The Present Nigeria Economic Situation

HISTORY OF BUDGETING

There are many books on budgeting however, very few traced the history of budgeting while majority only deal with the techniques. The word budget is derived from the old French bough meaning little bag (the new Encyclopaedia Britinica). Many of the few attempts at the history of private sector budgeting lacked charity. This can be seen form the statement of Brown and Howard who said that “Budgetary control appears to have been operating for a considerable time about two centuries in government departments in U.K it is only during the last 20 years that this vital concept of control has been tried in the industry. This statement is not clear as it failed to state the year on which their “Last fifty years was based.” [Read more…]

The Effect of Inflation on the Nigerian Economy

 The Effect of Inflation on the Nigerian Economy

Several definitions of inflation are in existence. Inflation is a situation in which there is price level or in which there would be such a persistent upward movement but for the presence of direct control over prices. Also, it is “a temporary increase” of the stream of money in circulation of a faster than that of the stream of goods and services on which this stream of money is spent and that money creation is inflationary when the additional purchasing power has no counter part in goods and services people wants to buy. [Read more…]