Budgeting And Budgetary Control As A Managerial Tool For Planning And Control (A Study Of First Bank Of Nigeria)

ABSTARCT

The major motive of' any business organization is to make profit. This is particularly so in the private sector. In the public sector the fare front aim is to satisfy the needs of' masses. 1-lowever, to achieve either of this aims (lie management of a t)business organization is expected to put its goals and objectives. This entails planning and a goo(1 planning initiative commences with adequate budgeting and budgetary control system. This also calls for a team effort which should be all embracing. The management should know that decision making process excludes sonic very players, and then implementation by non participants may lead to resent ment and its attendant conflict. The confirmation of this has been the case or not proniptc the need for this research. This doubt has also raised SOC quest ions leading to a mini I hypothesis on budgeting and budgetary control being formulated. This made it possible to take a stand oc\viiat value conclusion to arrive at., data needed to be collected from both primary and secondary services. Ihe primary Source came through (lie questionnaire whcr answers from respondent provided (lie data for testing the hypothesis. Findings from the result showed significantly those valuables of budgeting and budgetary control tested for, proved that financial institution (first bank of Nigeria plc) had adopted budgeting and budgetary approach to planning and control of the banking system. The variables was also tested to prove that (lie banking industry (first bank of Nigeria plc) now pay adequate alternative to budgeting reports. Its was tested also from the variable to prove that budgeting and budgetary control help the banking industry to achieve this organizational goods and objectives. However, it becomes necessary and Qbviously clear to recommend that the art of' business nlanagemcnt has mere singly complex and difficult and therefore a strong need for team to enhance optimal result from decision niak 11g.