THE ROLE OF BUDGET IN BANKING MANAGEMENT
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THE ROLE OF BUDGET IN BANKING MANAGEMENT
THE ROLE OF THE BUDGET IN BANKING MANAGEMENT
This study attempts to examine the ROLE OF THE BUDGET IN BANKING MANAGEMENT. I went to the United Bank for Africa Enugu office and numerous libraries to obtain some relevant resources for this research assignment,
which comprises of a study based on the selection of various secondary data. It also emphasises on ND 1 not only the significance of budget in banking management, but also the method of budget implementation and process.
The following conclusions were reached as a result of the research. Budgeting implementation in banking management, budget preparation and process, and budget perspectives.
INTRODUCTION TO CHAPTER ONE OF THE ROLE OF THE BUDGET IN BANKING MANAGEMENT
1.1 BACKGROUND OF THE STUDY
The budget is a financial statement issued by the government that details the government’s expected revenue and proposed expenditure for the upcoming fiscal year.
A budget is a collection of proposals for revenue that is likely to be received from various sources and expenditures that are likely to be fulfilled on various items, such as: The estimated revenue of the United Bank for Africa (UBA) for the 1986 fiscal year was 4.3 million, while the anticipated expenditure was 3.31 million.
The budget comprises an assessment of the economy’s performance over the previous fiscal year. Major financial and banking system charges include, for example, the 1983 re-vitalizing the banks subsidy, the introduction of measures for promoting the banking system and the establishment of a directorate of banks and infrastructure for the 1992 budget,
major policies outlined include, among other things, the reductions of persons income and banking profits, the establishment of a banking information services, and the establishment of a directorate of employment.
The director of the United Bank for Africa (U.B.A) sets the budget with the assistance of the financial secretary of budget and planning. For a budget to be effective, it must be approved by the director general.
1.2 STATEMENT OF THE PROBLEM
This research looks at how the importance of the budget in banking management has impacted Nigerian financial institutions, specifically banks. Regardless of our financial institution’s position in relation to our financial guest, the management has faced a number of challenges. The researcher will identify the issues confronting Nigerian banks and financial institutions.
In general, budget duties in banking management are critical in our banking management system. Banking management is confronted with numerous issues.
They are as follows:
a) The inability to preserve accounting performance records.
b) Reducing (as far as feasible) expenses not authorised by budgets.
d) Incapable of monitoring the performance of priority projects.
d) Other expenditures up to the amount specified in the budget.
Again, not guaranteeing that financial and economic parts of outlays are met.
1.3 OBJECTIVES OF THE STUDY
The researcher’s goal is to achieve some goals. It will investigate and highlight the functions of budgeting, as well as the impact of inflation and other unforeseeable variables on the efficacy of budgeting in Nigeria’s banking management system.
To accomplish these goals, the researcher must
a) Determine the role of budgeting in the banking management system.
b) Determine the budgeting mechanism in the banking management system.
This project provides bankers and manager accountants with beneficiary views in nature as well as budgeting roles. This will improve the effectiveness of budgeting in their particular organisations.
It also includes a resources guide, which will be extremely useful to anyone who wishes to conduct a critical assessment of this work and related themes in the future.
1.4 THE SIGNIFICANCE THE STUDY
This project has different levels of significance for different types of users and readers who may want to refer to it from time to time.
One significance is that it is a significant part of the researcher’s test for the award of a national diploma (ND) in banking and finance.
It also provides the researcher with a better understanding and appreciation of the subject matter of budgeting roles in banking management.
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