CHAPTER ONE
1.0 INTRODUCTION
The world generally had been in a state of permanent economic crisis for quite sometime, every government and organization (public and private) round the globe is faced with the issue of how to combat economic depression and stablize their economic affairs. In Nigeria presently, there has been the problem of unexecuted plans and abandoned project by the federal and state governments and industries not because there was no completion fund to compound these project to completion, but because of lack of well certiculated plans and control measure coupled with scarcity of resources. Institute of Management and Technology for instance have such projects, which have been abandoned for years such as the uncompleted building in campus 11, the research institution (Bakassi) and many others. Because of the above mentioned the researcher has decided to vary out her project titled “The role of budgeting in the present Nigeria situation”.” Budgeting evolved to and management optimize scarce resources which have alternative uses. Tertiary institution being a non – profit making organization requires stability and order units affairs in the face of inflationary economic situation facing Nigeria currently.
There has been to be a more certain long to improve the management function of planning and control so as to be able to find its activities and projects adequately, this is on explanation for the growing interest in the role of budgeting. Although, budgeting has been scoured by some as exercise in futility because of is depending upon the fore casting future events which cannot be fore told with precision is yet being found by most business executive to be the best to find a tranquil harbour in the storm battered world economy. Budgeting which is defined as a financial statement prepared and approved prior to a defined period of time of the polving to be pursued during that period for the purpose of attaining of given objective. (Moore, C. L. and Jaedike, R. K. Managerial Accounting 5th ed. (USA; S.W. Publishers (1980): is primarily a process of planning and control. A well-prepared budget provides management with a planned programmed based on research by the entire organization. in addition, a carefully planned budget provides away to co-ordinable and various actions of the organization. There are many write-ups in books, journal, magazines and newspaper on budgeting both this project will critically examine its examine its role in non-profit making organization, especially to institution of management and Technology (I.M.T) Enugu.
1.1 BACKGROUND TO THE STUDY
The Institute of Management and Technology came into life as a result of the merging of two schools – institute of Administration and college of Technology in April, 1972. In October of the same year a provisional council of the proposed new Institute was appointed by the cast controls state government. the council was commissioned to determine and recommend to the government the Institute that would produce high quality technologists as well as Professional Managerial Manpower in subject areas directed by the state and national needs. The council submitted its reports in early April, 1983. On 31st May 1973, edition No. 10 of 1973 titled “The Institute of Management and Technology (IMT) Enugu (Source Senior Sta Establishment of IMT Enugu).