BUDGET IN HIGHER INSTITUTION OF LEARNING IN NIGERIA (A CASE STUDY OF FEDERAL POLYTECHNIC OKOH)

CHAPTER ONE

  INTRODUCTION

1.1            BACKGROUND OF THE STUDY

The practice of budgeting is as old as modern civilization and is central to effective management of learning resources.  Most peoples, organisation, Institutions and companies will at one time or the other plan ahead, I terms of there activities and their available resources. This is done as a statement prepared and approved prior to a defined period of time, of the policy to be pursued during that period for the purpose of attaining a given objective.  It serves as a quantitative expression of a plan of action and an aid to co-ordination and implementation.

As well as being a plan, a budget also act as a control against which actual performance can be evaluate.  In order to make its decisions wisely, the management of federal polytechnic, Okoh and other higher institutions in Nigeria must have a vision about its future, and budge enhance that.  Budget provides a rational and objective basis for allocation of scare resources in that institution. With so may competing needs of the management, the school and students, with regard to her learn resources, the discipline of budgeting compels school management to be discreet in allocating limited resources to meet unlimited expenditure possibilities. This does not suggest the absence of sentimentality and irrationality but at least these are minimized.