Introduction: The study examined the relationship between budgeting/budgetary control system and institutional effectiveness in Universities in Kwara State, Nigeria.
Purpose: The purpose of the study was to examine the impact of budget committee, budget implementation, value for money check and internal audit check on institutional effectiveness in universities in Kwara State.
Methodology: Two researchers’ questionnaires were designed to collect data from sampled respondents; they were ‘Budgeting/Budgetary control System Questionnaire (BBCSQ)’ and ‘Institutional Effectiveness Questionnaire (IEQ)’. The instruments were validated by two experts to ascertain the content validity while the reliability of the instruments was determined using Cronbach Alpha statistics, thus, the reliability coefficients were found to be 0.83 and 0.76 respectively. Four universities were randomly sampled out of the six accredited universities in Kwara State. The selection represented 67% of the total population. The respondents were the staff of the bursary department of the sampled universities and 110 respondents were determined out of the 290 targeted population using proportional sampling technique. The data collected were analyzed using SPSS version 21.0 at 0.05 level of significant using PPMC while descriptive statistics of means and standard deviation were used to answer the research questions raised in the study.
Results: The result of the study revealed that there was a significant relationship between budgeting/budgetary control system and institutional effectiveness in Universities in Kwara State (r. value=.578> t. value=.000).
Recommendations: It was recommended among others that budget committee should be composed of experienced and well versatile members in the field of accounting and finance to enhance their performance and overall effectiveness in the system.
This work is licensed under a Creative Commons Attribution 4.0 International License.
- Abdullahi, A. M. & Angus, O. U. (2012). Budget in Nigeria public sector: Need for balanced scorecard perspective. International Journal of Finance and Accounting,1(2), 1-6.
- Anohene, J. (2011). Budgeting and budgetary control as management tools for enhancing financial management in local government authorities, Afigya, Kwabre District Assembly as a case study. A M.Sc thesis submitted to the Institute of Distance Learning, Kwame Nkrumah University of Science and Technology. Ghana.
- Chukwuma, O. (2013). Budget preparation and implementation in the Nigerian public sector. Research Journal of Finance and Accounting, 4(16),50-54.
- Chartered Institute of Management Accountants (CIMA) (2008). Budgeting. Gateway Series.
- Egbunike, P. A. & Unamma, A. N. (2017). Budgeting, budgetary control and performance evaluation: Evidence from hospitality firms in Nigeria. Studies and Scientific Researches Economic Education, 26, 23-31.
- Isaac, L., Lawal, M. & Okoli, T. (2015). A systematic review of budgeting and budgetary control in government owned organizations. Research Journal of Finance and Accounting, 6 (6),1-10.
- Lambe, I. (2014). Appraising the Impact of Budgeting and Planning on the performance of Financial Institutions in Nigeria. Research Journal of Finance and Accounting,5 (16),12–16.
- Malgwi, A. A. & Unegbu, A. O. (2012). Budget in Nigerian public sector: Need for balanced scorecard perspective. International Journal of Finance and Accounting,1(2),1–6.
- Mora, R. D. & Bueno, D. C. (2017). Budgetary control process towards improved service delivery among catholic higher educational institutions: A cross-sectional analysis. Arts, Social Sciences, Humanities & Interdisciplinary Studies (ASSHIS-17), 1-7.
- Olaoye, F. O. & Ogunmakin, A. A. (2014). Budgetary control and performance in public corporations in Osun state. IOSR Journal of Humanities and Social Science (IOSR-JHSS), 19 (7), 59-62.
- Omosidi, A. S. & Abdulkareem, A. Y. (2012). Financial control system & organizational effectiveness of colleges of legal and Islamic studies in Nigeria. International Journal of Educational Management, 10 (1), 9-19.
- Omosidi A. S. & Oguntunde, D. A. (2016). Relationship between budgeting system, and students’ academic achievement in Colleges of Education, Ilorin, Nigeria. Journal of Education, 35, 183- 195.
- Omosidi A. S., Oguntunde, D. A., Oluwalola, F. K., & Ajao, R. L. (2019). Budget implementation strategies and organizational effectiveness in colleges of education in Nigeria. Makerere Journal of Higher Education,10 (2),119–131.
- Warren, C. S., Reeve, J. M. & Duchac, J. E. (2014). Financial & managerial accounting. Cengage learning, Ohio, 283.