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ABSTRACT
This project work is titled; Statistical analysis of the effect of Rivers State budget on standard of living of rivers state indigene from 2008-2016., using Rivers state ministry of budget and planning port Harcourt as the study are. Much time was given to obtain the secondary data used for the analysis of the research work. The data were subjected to descriptive and linear regression analysis. The results of the study indicated that about 60.9% of Rivers indigenes follow a good standard of living. 74.5%of the budget proposed served infrastructural development and health services to improve standard of living and good governance. The study concludes that effective budgeting has great effect on the standard of living of the people in Rivers state.The study recommends ;a) The finance department should review all existing standards and introduce measures that will tighten the internal control system to prevent leakages of financial resources and improve standard of living; b) Only judicious and profitable investments should be undertaken as included in the budget proposed.
CHAPTER ONE
INTRODUCTION
1.1 Background of the study
For several years now, there has been reported cases of budget unaccomplishment, budget disparity, budget indiscipline, poor or non performance of budget and poor budgetary implementation. Olorunfemi (2000) in his study observed that since independence in 1960, no annual budget has gone through without question. He accused the government of disregard for budget, late passage of budget, late release of capital vote, and selective implementation of budget. The issue of poor performance of budget in Rivers State is noticeable virtually in all the local governments. This is evident in our infrastructural decay and the slow pace of development specifically in terms of capital project, physical infrastructure, political instability, projects abandonment, deployable roads, high rate of un employments, insecurity, to mention but a few. Budget is a vital instrument in governance just as blood is vital to life. Any government that wants to succeed must plan and planning in government begins with budgeting. Budgeting is not an end in itself but it is a means to an end.
The Rivers State Ministry of Budget and Economic Planning is a government ministry of Rivers State, Nigeria responsible for drafting economic priorities and programme of government as well as sporadic methods of implementation, with a view to improving the standard of living and quality of life of the citizenry. The ministry also handles “the preparation of the Rivers State annual budget as well as ensure that budget implementation is in accordance with the policy of the state government.
For several years now, there has been reported cases of budget unaccomplishment, budget disparity, budget indiscipline, poor or non performance of budget and poor budgetary implementation. Olorunfemi (2000) in his study observed that since independence in 1960, no annual budget has gone through without question. He accused the government of disregard for budget, late passage of budget, late release of capital vote, and selective implementation of budget. The issue of poor performance of budget in Rivers state is noticeable virtually in all the 18 local governments.
This is evident in our infrastructural decay and the slow pace of development specifically in terms of capital project, physical infrastructure, political instability, projects abandonment, deployable roads, high rate of un employments, insecurity, to mention but a few. Budget is a vital instrument in governance just as blood is vital to life. Any government that wants to succeed must plan and planning in government begins with budgeting. Budgeting is not an end in itself but it is a means to an end. Planning in the context of government administration involves the determination of the future overall goals or objectives, preparing policy statement and monitoring of result.
Budgeting in the public sector has become an annual ritual which is characterized with repetitiveness. Most states government in Nigeria sees budgeting as a mere administrative routine exercise and paper work. Their inability to prioritize budgeting accounted for delay in its preparation, approval and retroactive implementation. Today, there is lack of performance oriented budgeting, which constraints target setting as well as proper performance evaluation. Besides, there is a poor data and accounting culture, which allows for system leakages, fraud, misappropriation and corruption in public life.
To be properly managed to avoid economic failure or recession.
1.2 Statement of the general problem
The development and a good standard of living of most people in the remote areas of rivers state, has been a great to the state over the years. This research study is aimed at deterring the impact budget proposal for the year period on the standard of living of Rivers state indigenes. Also, to examine the level of poverty situations the budget can actively resolve on the living standard of the people. The decision as to how to distribute limited financial and non-financial resources, in an effective and efficient manner, is an important challenge in all organizations. In most large and complex organizations, this task would be nearly impossible without budgeting. Without effective budget analysis and feedback about budgetary problems, many organizations would become bankrupt. Some of the problems arise from inadequate data to formulate and implement a proper budget; and non existence of well defined structure, which leads to overlapping of duties. These deficiencies can therefore be addressed through the use of budgeting technique. Therefore, this study traces the extent by which budgeting can used as a good planning and controlling tool in a manufacturing company
However, this research study would see more opportunities in controlling substandard status of the people, through efficient budget proposal and implementation. To this length certain questions that has bordered on the survival of the people has been greatly answered as measures are put in place by the government in power.
1.3 Aims and Objectives of the study
The aim of this research study is to examine the extent to which Rivers state budget has improved indigenous standard of living over the years, and to provide measures applied in ensuring full implementation of the budget proposed. The following are the objectives of the study;
- To examine the level of the effects of Rivers .State budget on the standard of living of Rivers indigenes from 2008-2016
- To determine if Rivers Sate budget has been able to improve the standard of living of Rivers indigenes from the period of 2008-2016
- To know if there are financial indicators that can boost the standard of living of the people of Rivers state.
1.4 Significance of the study
This research work would be of importance to policy makers, researchers and the Rivers state government in improving the standard of living of Rivers indigenes. Currently, this study would be more beneficial as to enlighten the government and other scholars in this discipline to pay much attention to strengthening of budget and planning and their interrelationship in developing countries including Nigeria. The advocacy for this has come from prominent international agencies as United Nation, International Monetary Fund, World Bank and United State Agency for International Development. All these agencies are all interested in encouraging developing and underdeveloped nations to improve their budget practice. All these show the importance attached to budget as a management process.
1.5 Scope of the study
This study is restricted to the Statistical analysis of the effect of Rivers State budget on standard of living of rivers state indigene from 2008-2016 in its contribution to the economic development of Nigeria.
1.6 Research Hypothesis
H0: There is no significant effect of budget planning on standard of living of Rivers state indigenes.
H1: There is no significant effect of budget planning on standard of living of Rivers state indigenes.
1.7 Limitations of the study
Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection.
Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.
1.8 Definition of terms
- Budget: Crude oil, commonly known as petroleum, is a liquid found within the Earth comprised of hydrocarbons, organic compounds and small amounts of metal. While hydrocarbons are usually the primary component of crude oil, their composition can vary from 50%-97% depending on the type of crude oil and how it is extracted.
- Control: Is a measure to regulate the state of living standard of the people.
- Development: A gradual growth of something so that it becomes more advanced, stronger, etc.
A factory where a substance such as oil is refined.
- EFFECTS: This refers to the possible benefits derived from involving in any activity in a work place or institution .
- GDP: Gross domestic product.
- Revenue: The total income that accurse to the government of a country from various sources, i.e. the money that is received by government from taxes paid by oil companies, organization or firms.