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Cash management implemented by the Budget Office of the Federation (BoF) was to ensure that the right amount of money is made available to fund government expenditure in a timely manner as well as meeting its obligations as they fall due.
Required:
Explain FIVE strategies to enhance cash management control and FIVE factors militating against effective cash management. (10 Marks)
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Public expenditure is an important segment of the budgetary activities. It refers to the expenses incurred by the government in the course of its activities.
Required:
a. Discuss TWO effects of public expenditure on the economy. (5 Marks)
b. Identify and explain FIVE principles of public expenditure. (10 Marks)
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The ministry of finance of Ojaja Republic prepared the aggregate Medium-Term Expenditure-Framework (MTEF) budget for consideration by the National Assembly as contained in the country’s Constitution. The following are the MTEF actual budget estimates and the approved budget estimates by various sectors as thoroughly screened by the Budget Committees of the Senate and House of Representatives:
Ojaja Federal Republic Summary of total budgeted expenditure by sector for 2020
| Sector Code | Sector Name | Actual Estimates 2020 (N’m) | Approved Estimates 2020 (N’m) |
|---|---|---|---|
| 01 | Administrative Sector | ||
| Personnel Cost | 40,000 | 34,000 | |
| Overhead Cost | 25,000 | 21,250 | |
| Consolidated Revenue Charges | 18,600 | 15,810 | |
| Capital Expenditure | 62,400 | 53,040 | |
| Sub-Total | 146,000 | 124,100 | |
| 02 | Economic Sector | ||
| Personnel Cost | 22,500 | 20,250 | |
| Overhead Cost | 12,600 | 11,340 | |
| Consolidated Revenue Charges | 28,600 | 25,740 | |
| Capital Expenditure | 41,300 | 37,170 | |
| Sub-Total | 105,000 | 94,500 | |
| 03 | Law and Justice Sector | ||
| Personnel Cost | 15,800 | 15,800 | |
| Overhead Cost | 20,200 | 20,200 | |
| Consolidated Revenue Charges | 17,500 | 17,500 | |
| Capital Expenditure | 38,500 | 38,500 | |
| Sub-Total | 92,000 | 92,000 | |
| 04 | Regional Sector | ||
| Personnel Cost | 40,800 | 38,760 | |
| Overhead Cost | 22,200 | 21,090 | |
| Consolidated Revenue Charges | 16,700 | 15,865 | |
| Capital Expenditure | 32,300 | 30,685 | |
| Sub-Total | 112,000 | 106,400 |
Summary of total expenditure by sectors:
| Description | Actual Estimates 2020 (N’m) | Approved Estimates 2020 (N’m) |
|---|---|---|
| Personnel Cost | 119,100 | 108,810 |
| Overhead Cost | 80,000 | 73,880 |
| Consolidated Revenue Charges | 81,400 | 74,915 |
| Capital Expenditure | 174,500 | 159,395 |
| Total | 455,000 | 417,000 |
Additional Information:
(i) Administrative sector – all costs at an incremental basis of 15%, except for capital expenditure which will increase by 10%.
(ii) Economic sector – all costs at an incremental basis of 25%, except for overhead cost which will decrease by 5%.
(iii) Law and justice sector – all costs at a declining basis of 5%, except for personnel cost which will increase by 10%.
(iv) Regional sector – all costs at an incremental basis of 10%, except for consolidated revenue charges which will decrease by 15%.
Required:
a. Prepare proposed budget estimates for 2021, 2022, and 2023 based on the approved estimates for the year 2020. (20 Marks)
b. Explain the following in relation to National Chart of Accounts (NCOA) structure for budgeting:
i. Functional segment (2 Marks)
ii. Programme segment (2 Marks)
iii. Geographical segment (2 Marks)
c. Enumerate FOUR steps required for budgeting with the National Chart of Accounts. (4 Marks)
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Through functional classification of public expenditure, the economic effects of various government activities can be determined or measured, which would also be helpful for proper policy formulation.
Required:
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Globally, there has been a steady increase in the level of government expenditure in different areas of activities. In Nigeria, there is a steady growth of expenditure over the years which requires explanation.
Required:
Identify and explain five reasons for the rise in public expenditure in Nigeria.
(10 Marks)
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Public expenditure can be in the form of public works and transfer payments. Public works are expenditure on durable goods, primarily fixed structures produced by the government. They include expenditure on public works such as roads, schools, hospitals, and irrigation. Transfer payments include interest on public debt, government wages and salaries, pension, insurance, and social security benefits.
Required:
Explain FIVE (5) goals of public expenditures.
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One of the factors that helps determine the country’s economic direction is fiscal policy. Government uses fiscal policy to influence the economy by adjusting revenue and spending levels.
Required:
Identify and explain FIVE goals of government spending as a fiscal policy instrument.
(10 marks)
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Find Related Questions by Tags, levels, etc.
Effective management of public expenditure is an essential mechanism for the effective allocation and the use of public funds to achieve the nation’s policy objectives.
Required:
Identify four procedures necessary for effective management of public expenditure. (4 marks)
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Find Related Questions by Tags, levels, etc.
Cash management implemented by the Budget Office of the Federation (BoF) was to ensure that the right amount of money is made available to fund government expenditure in a timely manner as well as meeting its obligations as they fall due.
Required:
Explain FIVE strategies to enhance cash management control and FIVE factors militating against effective cash management. (10 Marks)
Find Related Questions by Tags, levels, etc.
Public expenditure is an important segment of the budgetary activities. It refers to the expenses incurred by the government in the course of its activities.
Required:
a. Discuss TWO effects of public expenditure on the economy. (5 Marks)
b. Identify and explain FIVE principles of public expenditure. (10 Marks)
Find Related Questions by Tags, levels, etc.
The ministry of finance of Ojaja Republic prepared the aggregate Medium-Term Expenditure-Framework (MTEF) budget for consideration by the National Assembly as contained in the country’s Constitution. The following are the MTEF actual budget estimates and the approved budget estimates by various sectors as thoroughly screened by the Budget Committees of the Senate and House of Representatives:
Ojaja Federal Republic Summary of total budgeted expenditure by sector for 2020
| Sector Code | Sector Name | Actual Estimates 2020 (N’m) | Approved Estimates 2020 (N’m) |
|---|---|---|---|
| 01 | Administrative Sector | ||
| Personnel Cost | 40,000 | 34,000 | |
| Overhead Cost | 25,000 | 21,250 | |
| Consolidated Revenue Charges | 18,600 | 15,810 | |
| Capital Expenditure | 62,400 | 53,040 | |
| Sub-Total | 146,000 | 124,100 | |
| 02 | Economic Sector | ||
| Personnel Cost | 22,500 | 20,250 | |
| Overhead Cost | 12,600 | 11,340 | |
| Consolidated Revenue Charges | 28,600 | 25,740 | |
| Capital Expenditure | 41,300 | 37,170 | |
| Sub-Total | 105,000 | 94,500 | |
| 03 | Law and Justice Sector | ||
| Personnel Cost | 15,800 | 15,800 | |
| Overhead Cost | 20,200 | 20,200 | |
| Consolidated Revenue Charges | 17,500 | 17,500 | |
| Capital Expenditure | 38,500 | 38,500 | |
| Sub-Total | 92,000 | 92,000 | |
| 04 | Regional Sector | ||
| Personnel Cost | 40,800 | 38,760 | |
| Overhead Cost | 22,200 | 21,090 | |
| Consolidated Revenue Charges | 16,700 | 15,865 | |
| Capital Expenditure | 32,300 | 30,685 | |
| Sub-Total | 112,000 | 106,400 |
Summary of total expenditure by sectors:
| Description | Actual Estimates 2020 (N’m) | Approved Estimates 2020 (N’m) |
|---|---|---|
| Personnel Cost | 119,100 | 108,810 |
| Overhead Cost | 80,000 | 73,880 |
| Consolidated Revenue Charges | 81,400 | 74,915 |
| Capital Expenditure | 174,500 | 159,395 |
| Total | 455,000 | 417,000 |
Additional Information:
(i) Administrative sector – all costs at an incremental basis of 15%, except for capital expenditure which will increase by 10%.
(ii) Economic sector – all costs at an incremental basis of 25%, except for overhead cost which will decrease by 5%.
(iii) Law and justice sector – all costs at a declining basis of 5%, except for personnel cost which will increase by 10%.
(iv) Regional sector – all costs at an incremental basis of 10%, except for consolidated revenue charges which will decrease by 15%.
Required:
a. Prepare proposed budget estimates for 2021, 2022, and 2023 based on the approved estimates for the year 2020. (20 Marks)
b. Explain the following in relation to National Chart of Accounts (NCOA) structure for budgeting:
i. Functional segment (2 Marks)
ii. Programme segment (2 Marks)
iii. Geographical segment (2 Marks)
c. Enumerate FOUR steps required for budgeting with the National Chart of Accounts. (4 Marks)
Find Related Questions by Tags, levels, etc.
Through functional classification of public expenditure, the economic effects of various government activities can be determined or measured, which would also be helpful for proper policy formulation.
Required:
Find Related Questions by Tags, levels, etc.
Globally, there has been a steady increase in the level of government expenditure in different areas of activities. In Nigeria, there is a steady growth of expenditure over the years which requires explanation.
Required:
Identify and explain five reasons for the rise in public expenditure in Nigeria.
(10 Marks)
Find Related Questions by Tags, levels, etc.
Public expenditure can be in the form of public works and transfer payments. Public works are expenditure on durable goods, primarily fixed structures produced by the government. They include expenditure on public works such as roads, schools, hospitals, and irrigation. Transfer payments include interest on public debt, government wages and salaries, pension, insurance, and social security benefits.
Required:
Explain FIVE (5) goals of public expenditures.
Find Related Questions by Tags, levels, etc.
One of the factors that helps determine the country’s economic direction is fiscal policy. Government uses fiscal policy to influence the economy by adjusting revenue and spending levels.
Required:
Identify and explain FIVE goals of government spending as a fiscal policy instrument.
(10 marks)
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Effective management of public expenditure is an essential mechanism for the effective allocation and the use of public funds to achieve the nation’s policy objectives.
Required:
Identify four procedures necessary for effective management of public expenditure. (4 marks)
Find Related Questions by Tags, levels, etc.
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