An Empirical Evaluation of Budget Implementation on Economic Development in Nigeria

Bibliographic Information
Journal	Journal of Asian Multicultural Research for Economy and Management Study
Title	An Empirical Evaluation of Budget Implementation on Economic Development in Nigeria
Author(s)	C, Okafor M., Raphael S Etim, Udeme Okon Efanga
Volume	2
Issue	3
Year	2021
Pages	102-116
DOI	10.47616/jamrems.v2i3.138
Full Text
URL	Link
Keywords	Budget Evaluation, Recurrent Expenditure, Capital Expenditure, Budget Implementation Rate, Human Development Index and Economic Development
Chicago 16th	C, Okafor M., Raphael S Etim, Udeme Okon Efanga. "An Empirical Evaluation of Budget Implementation on Economic Development in Nigeria." Journal of Asian Multicultural Research for Economy and Management Study 2, no. 3 (2021).
APA 6th	C, O. M., Etim, R. S., Efanga, U. O. (2021). An Empirical Evaluation of Budget Implementation on Economic Development in Nigeria. Journal of Asian Multicultural Research for Economy and Management Study, 2(3).
MHRA	C, Okafor M., Raphael S Etim, Udeme Okon Efanga. 2021. 'An Empirical Evaluation of Budget Implementation on Economic Development in Nigeria', Journal of Asian Multicultural Research for Economy and Management Study, 2.
MLA	C, Okafor M., Raphael S Etim, Udeme Okon Efanga. "An Empirical Evaluation of Budget Implementation on Economic Development in Nigeria." Journal of Asian Multicultural Research for Economy and Management Study 2.3 (2021). Print.
Harvard	C, O. M., ETIM, R. S., EFANGA, U. O. 2021. An Empirical Evaluation of Budget Implementation on Economic Development in Nigeria. Journal of Asian Multicultural Research for Economy and Management Study, 2.

Journal of Asian Multicultural Research for Economy and Management Study Volume 2 Issue 3 Contents

Analysis of Sales Predictions from the Point of View of the Increase in Daily Newspaper Sales Relationship Between Organizational Culture and Employee Performance Through Work Stress at the Regional Office of the East Java I Directorate General of Customs Digital Marketing and Creative Economy Theory in Economic Development During the Pandemic The Relationship Between Competence and Job Satisfaction on the Performance of Private Madrasah Tsanawiyah Teachers in the City of Surabaya Public Management: A New Public Service Oriented Concept of Public Service Impact of Interest Loan, Growth of Regional Gross Domestic Product, Inflation and Economic Growth on Loans at Credit Union in West Kalimantan, Indonesia The Influence of Leadership Style on the Effectiveness of Office Management in Integrated Services Business Offices Human Resources Development: Women Role Optimization in the Local Government Bureaucracy in Central Sulawesi, Indonesia The Effect of Multi Channel Retailing, Cooperation Synergity and Accounting Information Systems on Business Development Strategies That Impact on Business Implementation of a National Identity Number-Based Identity Card Policy in Pasangkayu Regency Potential Analysis of Rural and Urban Land and Building Taxes in Minahasa Regency An Empirical Evaluation of Budget Implementation on Economic Development in Nigeria Relationship Between Service Quality and Customer Delight and Customer Loyalty at the Fitness Center Business in East Java Utilization of Fad Distribution in South Buton Waters As a Fishing App by Purse Sein Fishermen in Kadatua District, Selatan Buton Regency

Abstract

One of the primary goals of this study was to explore how a budget review approach may affect Nigeria's economic development. The reasoning was that the Nigerian economy was being challenged by a variety of imbalances in budget creation and implementation. The study strategy was based on events that occurred after the study was completed, and the data used in the study came from the Central Bank Statistical Bulletin and the Federal Ministry of Finance. A model was constructed based on both empirical and theoretical investigations in order to achieve this broad goal. The HDI, which was utilized as a measure of development, was the dependent variable in the model. The government's capital budget, recurrent budget, and the speed of annual budget implementation were the other independent variables in the model. They examined data using the Auto Regressive Distributed Lag (ARDL) Model, diagnostic tests such as the test of normality, auto correlation test, and heteroskedasticity test, which proved the validity and reliability of the model they chose; inferential results reveal that the use of budget evaluation had a positive and significant impact on the Nigerian economy. According to the study's suggestions, Nigeria's government should try to increase capital and recurrent expenditures in its annual budget, both of which have a significant impact on economic development. Finally, the government should work to build budget monitoring and review infrastructure that will aid in the effective implementation of large budget expenditures while also ensuring compliance with legal procedures.