Budget Approval Lags and Implementation Anomaly: Impact on the Nigerian Private Sector
Abstract
Through the budget, government exercise their allocative, stabilization and distributive functions (CARTAC, 2011). Budget is therefore a political as well as an economic document. This implies that government budget is the process of defining direction, and making decisions on how to allocate public resources to pursue the chosen strategies. Although the major budgetary decisions that affect the performance of the larger economy are usually made by the central government, most countries such as Nigeria also operate both the sub-regional (state government) and local council budgets.
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