THE GENERAL BACKGROUND TO THE SUBJECT MATTER:
The economic concept of resource being scarce relative to demand for them required that every individual prepare a scale of preference, arranging in a certain order how resources are going to be used or apportioned.
This involves to a very large extends some budgeting.
Hand, L. F. (1985) stated that budgeting entails the setting of targets. It is a technique which is widely used in business and which affects all levels of management.
However, in Nigeria the mention of the word budget usually connotes a link with the public sector of the economy.
The government annual budget statement both at the Federal and the State level details the various sources of government revenue and expenditure and this usually affects the economic life of every individual in the country.
This situation has therefore influenced the private sector of the Nigerian economy and most managers have come to view budget as tools reserved for public sectors, which they are supposed to use.
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