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…]