Budget Padding and Its Effects on the Nigerian Economy: A Theoretical Review

• Post by: airjournals
• July 20, 2023
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This research focused on Budget Padding and its effects on the Nigerian Economy. The specific objectives were to; evaluate the socio-economic implications of budget padding, examine the powers of the legislature with respect to appropriation, and analyze the ethical and moral implications of budget padding This study involved a descriptive research design and content analysis whereby the qualitative method was adopted using secondary sources of data. Findings revealed that: the socio-economic implication of budget padding is perturbing as it affects all known economic indices negatively. Also, the legislature has powers to scrutinize and approve national budgets, but lack powers to insert new projects and programmes without recourse to the Executive it is also morally and ethically unreasonable for the legislators to introduce new items into the budget without the consent of the budget initiators. Finally, the consequences for failure of the budget would have negative impact on the implementation of strategic government projects and programmes. Following the findings, it was recommended that,’ to attain national growth/development, there is need for strict adherence to the fundamental principles of good budgetary governance, such as the management of budgets within clear, credible and predictable limits for fiscal policy. Again, Government should ensure that budget documents and data are open, transparent and accessible, provide for an inclusive, participative and realistic debate on budgetary choices present a comprehensive. And finally in line with the anti- corruption stand of the Nigerian current administration, all abuse of power and privileges by public and elected officials should attract appropriate punitive measures.

ABSTRACT

Authored By Ugwuoke, Cresent Chijioke¹ and Prof. Adonai. O. Okonkwo²
Available Online Via FULL PDF | DOI: 10.5281/zenodo.8266882

Citations – APA

Ugwoke, C. C. & Okonkwo A. O. (2023). Budget Padding and Its Effects on the Nigerian Economy: A Theoretical Review. Global Journal of Finance and Business Review, 6(2), 75-85. DOI: https://doi.org/10.5281/zenodo.8266882