BUDGETING IN THE PRESENT NIGERIA ECONOMIC SYSTEM IN CROSS RIVER STATE UNIVERSITY OF TECHNOLOGY

ABSTRACT: This study was carried out to assess budgeting in the present Nigeria economic system in Cross River State University of Technology. Specifically, the study determined the role played by budgeting towards the controls of government fiscal policies, established the relationship between budgetary control and performance in Cross River State University of Technology and, ascertained the extent to which budgeting processes has aided planning for long term survival of Cross River State University of Technology. The study employed the survey descriptive research design. A total of 30 responses were validated from the survey. The study adopted the theory of Budgeting and the Punctuated Equilibrium Theory of Budgeting. From the responses obtained and analysed, the findings revealed the extent budgeting processes aids planning for long term survival of Cross River State University of Technology is very high. Furthermore, the findings revealed that the roles played by budgeting towards the controls of government fiscal policies include influencing the economy, shows how government will prioritise and achieve its annual and multi-annual objectives, helps in financing new and existing programs and is the primary instrument for implementing fiscal policy. The study recommends Cross River State University of Technology should be budget and budgetary control conscious knowing fully well that a budget is a plan and a mirror that guides the organization towards achieving their goals in the labour market.