a. National Budget:
A national budget is a document containing statements of intended expenditure and expected revenue of the national government during a particular period, usually a year. It typically consists of a review of the previous year’s performance, objectives of the current budget, revenue estimates, expenditure estimates (recurrent and capital), and macroeconomic policy measures designed to achieve the budget’s goals. It is a tool for controlling government activities and managing the economy.

b. Implications for the Performance of the Economy:

i. Surplus Budget:
A surplus budget occurs when planned government revenue exceeds proposed government expenditure. A government may adopt a surplus budget to curb inflation by reducing public spending or increasing taxation. This leads to price stability, which can encourage investment and prevent a decline in living standards.

ii. Deficit Budget:
A deficit budget occurs when planned government expenditure exceeds projected revenue. It is often used as a tool to stimulate economic growth, creating employment opportunities, boosting national output, and raising living standards. The government typically borrows domestically or externally to cover the budget deficit.

c. Problems in Implementing National Budgets in Nigeria:

1. Delays in Approval:
   Lengthy processes of budget formulation, presentation, and approval by both the executive and legislative branches can delay implementation, leading to inefficiency in government spending and project execution.
2. Inaccurate Revenue Projections:
   When revenue estimates are overly optimistic or not based on realistic assumptions, the government may not meet its budget targets, resulting in funding gaps and incomplete projects.
3. Corruption and Mismanagement:
   Corruption in the public sector often results in budget funds being misappropriated or wasted, hampering the effective delivery of services and infrastructural development.
4. Lack of Monitoring and Accountability:
   Weak monitoring systems and inadequate enforcement of budgetary controls make it difficult to track government spending, leading to misallocation of resources and poor budget outcomes.