Download complete project materials on Budgetary Implementation And Control In An Oil Industry from chapter one to five
ABSTRACT
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Budget has now come of age and accepted as a legal instrument through which government, company and even individual goals, objective and activities are authorized and funded.
This cannot be unconnected with the growing competitive needs for development and general growing competitive needs for development and general improvement of living conditions of man in which government and organizations have to tackle with the limited resources at hand. Looking from this perspective therefore, budget is essentially an agenda setting.
It is a careful designed package aimed at achieving the goals and objectives of government and organizations with the limited resources at their disposal. However, budgeting in an oil company, especially Kaduna Refining and Petrochemical Company has proved to the national too for resources allocation. A major reason for this, is the caliber of personnel in the system.
Most of the personnel have the required skill and professional expertise ability to understand and meet challenging nature of budgeting in a dynamic economy like ours. It is view of the that the assumptions underlying this research work are made.
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The objective of this study, therefore, is to ascertain the importance attached to oil company budgeting with particular reference to Kaduna Refining and Petrochemical Company, as well as the preparation, implementation and control of the budget so that after a thorough analysis, a test of the hypothesis are made to see which one of them confirms with the findings.
To achieve this aim, the researcher had personal interview with some officials of the Kaduna Refining and Petrochemical Company, in addition to that, already published documents of the company relevant to the subject matter were examined as well as personal observation of the budgetary operation in the system.
The researcher concluded by coming out with some recommendations which is aimed at improving the present standard of the Kaduna Refining and Petrochemical Company Budgetary Syste.
TABLE OF CONTENTS
Title Page
Declaration
Approval Page
Dedication
Acknowledgement
Abstract
Table of Content
Chapter one
Introduction
Background to the Study
The Development of Nigeria’s Oil Industry
Government Involvement in the Oil Industry
and the Birth of NNPC
Kaduna Refinery and Petrochemical Company
Administrative Set up
The Accounts Department
Statement of General Problems
Statement of Hypothesis
Objectives of the Study
Significance of the Study
1.6Â Â Â Â Â Scopes and Limitations of the Study
Chapter Two
Review of Related Literature                                              Â
Introduction
Definition of Budget
Purpose of a Budget
Principles of Budgeting
Budgetary Control
Types of Budget
Forms of Budgeting
Fixed Budget
Rolling Budget
Sales Budget
Selling and Distribution of Cost Budget
Production Budget
Raw Material Budget
Labour Budget
Capital Expenditure Budget
2.7.7Â Cash Budget
Problems Associated with Budgeting
Kaduna Refining and Petrochemical Co, Ltd. Budget
Essence of KRPC Budget
Provide Financial Plan for Action
Provide Mechanism to ensure Control over Revenue and Expenditure
Establishing Financial Position of the Kaduna
Refining and Petrochemical Company
Types and Nature of Refinery Procedure
The Annual Budget
Supplementary Budget
Budget Preparation Procedure
Budget Committee and Officer
Implementation of Refinery Budget
Advantages of Budget
Disadvantages of Budget
Chapter Three
Research Methodology                                                    Â
Introduction
Population and Sample Size
Methods of Data Collection
Methods of Data Analysis
Justification for the Choice
Chapter Four
Data Presentation and Analysis                                          Â
4.1Â Â Â Personal Interview Analysis
4.2Â Â Â Personal Observation Analysis
4.3Â Â Â Documentary Analysis
4.3.1Â Managing Directors Analysis
4.3.2Â Â Services Division
4.3.3Â Â Operations Division
Engineering & Maintenance Division
Test of Hypothesis
Chapter Five
Summary, Conclusion and Recommendations
Summary
Conclusion
Recommendations
Bibliography
Appendix I
Appendix II
CHAPTER ONE
INTRODUCTION
Since the beginning of record of history, man has been engaged in a continuous struggle for the betterment of his lot. This unending struggle has resulted in various innovations aimed at making life and living easier. As the human civilization developed the realization that man’s needs are more than the resources available at his disposal, made it necessary for him to develop means of using the available resources effectively.
This led to the discovery of many innovatives. Scientific and economic of such envisaged control, with budgeting being one of them. Thus, budgeting came to be accepted as the best alternative for planning and controlling the manner resources can be utilized.
The modern budget system has accompanied the development of representative and growth in the economic importance of activities. In Kaduna refining and Petrochemical Company, the “Bottom up” system of budgeting is adopted in order to enhance equal allocation of resources according to departmental requirements. “Bottom up” refers to building or preparing the budget from a various departments up to the management level.
The word “budget” was derived from the name of a man “Bougette” which was originally used to refer to money bag or public purse/ which serve as a receptacle for the revenue and expenditure of the state.
In Britain, the term was used to describe the leather bag in which the councellor of the excheque carried to parliament the statement of the government needs and resources.
Eventually, the term carne to mean the documents, which are contained in the bag plan for government finance submitted to the legislative for approval.
Budget are therefore means of tabulating the projected receipts and payments (income and expenditures) of any organization in order to map out plans to be achieved at a specific period of time. Budgeting is a component of the long term planning. It takes account of the past and the present,  but focuses attention on the future.
Budgeting is mostly at best an intelligent guess work. Budget among other things.
1. Serves as a document of articulation of goals, objectives and
2. Serves as a control mechanism over revenue and expenditure
3. Serves as a legal financial document for incurring expenditure
4. Assist administrative  in  policy  making  for  serving  as  a document of financial guidelines for operation.
Budgeting control is planned to assist management in the allocation of responsibilities and authority to aid in making estimates and plans for future, to assist in analyzing variation between estimates actual results, and to develop a basis of measurement (standards) with which to evaluate the efficiency of operations. Budgetary control is the science of planning the budgets it self and the utilization of such budgets to effect an overall management tool for the business plan and control.
Thus budget is the financial plan and budgetary control results from the administration of the financial plan.
1.1Â Background to the Study
1.1.1 The Development of Nigeria’s Oil Industry
Oil prospecting began in Nigeria as far back as 1908 when a German Company, the Nigeria Bitumen Corporation started exploration in the Araromi area of the present Ondo State. Then pioneering effort however ended with the outbreak of the First World War in 1914.
In 1937, oil prospecting resumed in Nigeria Shell D Arcy (The Force runner of the present Shell Petroleum Development Company of Nigeria) was awarded the sole concessionaire rights covering the whole territory of Nigeria. The activities were again interrupted by the Second World War, but resumed in 1947,
However, it was not until 1956 that oil was discovered in commercial quantities at Oloibori in the Niger Delta after seventy years of search and an investment of over N30 million. Shell started oil production and exports from its Oloibori field in 1958.
By 1961, other companies such as Mobil, Agip, Safrap (now Elf), Feureco and Amoseas (now Texaco/Chevron) had begun exploration activities for oil in the onshore and offshore areas of Nigeria. The exploration rights which had formally been granted to shell alone, was now extended to the new comers in line with the governments policy of increasing the pace of exploration in the country.
Oil production and export from the Oloibori field was first started in 1958 by shell at a production rate of 5,100 barrels of crude oil per day.
The quantity doubled the following year and crude oil from Nigeria rose to 2.1 million barrels per day in 1972 and reached a peak of 2.4 million barrels per day in 1979. Nigeria attained the status of a major oil producer ranking seventh in the world in the year 1972. We have since grown to become the six largest oil producing country in the world.
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