Budgeting and Budgetary Control as a Tool for Financial Planning and Control in Tertiary Institutions (a Case Study of Ekiti State University, Ado-Ekiti, Nigeria)

ABSTRACT This study examines the budgeting and budgetary control as a tool for financial planning and control in tertiary institutions: a case study of Ekiti State University, Ado-Ekiti, Nigeria The specific objectives are to examine the role of budgetary system as a tool to effective financial planning and control in an organization also evaluate the meaning of budget and its effect and recommend the possible ways of making budgetary system of the organization useful. The researcher used survey design of the descriptive type of research for this study. The researcher considered that this type of design was suitable for the study because it allows a wide coverage within a limited time. In a survey study, the researcher selected the sample from the segment of population, for an exploratory study to enable him to have representative opinion of the characteristics of the subjects. The data that was gotten from the study were subjected to statistical analysis of frequency counts and simple percentage for demographic data. The study reveals that budgeting and budgetary control are indeed beneficial to corporate organization, especially in their effort at attaining continued financial planning and control. Efforts need, however, be made to balance the need for budgetary control with employee motivation, if such benefits are to be fully exploited. Similarly, it was observed that university’s intentions and priorities as stated in the budget are riot always reflected in policy outcome. Based on the findings it is therefore recommended that since budgeting as well as the attendant controls has been substantiated as tool for financial planning and control organization already using it. It should continue to do so, while those not yet using it (if any) should consider staring up their own systems. Keywords: Budgeting, Budgetary Control, Management, Financial Planning and Control.