PARTICIPATORY BUDGETING: A STRATEGY FOR ACHIEVING EFFECTIVE FINANCIAL MANAGEMENT IN THE SCHOOL SYSTEM IN NIGERIA
Abstract
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The paper discussed the applicability of participatory budgeting (PB) as a strategy for achieving effective financial management in the school system. The discussion was based on the premise that adequate funding education, which has remained a challenge in Nigeria, is not limited to acquiring financial resources alone, but extends to how the resources are utilized and accounted for. The concepts of budgeting, participatory budgeting, finance, and financial management were explored. Furthermore, an overview of the different models of participatory budgeting as well as its process were presented; and its benefits in the school system outlined. The paper concluded that to build a sense of oneness among school members towards achievement of school goals, it is important to carry everybody along in the school governing process; and participatory budgeting could be found to be a veritable tool for this. Involving all the members of a school system in the school management processes through participatory budgeting could enhance effective financial management in the school system. It was recommended, among other things, that PB should be employed by school managers as a strategy for achieving effective financial management in the school system.
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Keywords:Â Budgeting, participatory budgeting, effective financial management, school system, Nigeria
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