Budget Management Processes and Organizational Performance: A Study of Selected Oil and Gas Firms in Nigeria

Abstract

The study examined budget management processes and organizational performance: A study of selected oil and gas firms in Nigeria. Budget Management Processes proxied with Budget Planning (BP), Budget Accounting and Reporting (BAR), Budgetary Controls (BC) and Cost Standard Analysis (CSA) on how it affects the Organizational Performance (ORGP) of selected oil and gas firms in Nigeria. The sampling object of the study was the top management, core and contract staff of the staff of selected firms (Masters Energy Oil and Gas Ltd and Seplat Petroleum Development Company Plc). The opinions of the respondents were sought with the aid of 5-likert scale structured question. A total of one hundred and three (103) questionnaires were administered to staff of Seplat Petroleum Development Company Plc in Delta State and Masters Energy Oil and Gas Ltd in River State, Nigeria. Out of the one hundred and three (103) questionnaires, ninety-seven (97)94.17% where retrieved and properly filled while five (5)4.54% were not returned. Thus, the sample used for the study was the total of ninety-seven (97) respondents. The questionnaire was coded with the aid of excel spread sheet, the respondents profile was analyzed with manual simple percentage, the research questions was analyzed with the aid of descriptive statistics and Pearson correlation coefficient statistical tool with the aid of SPSS version 23. The result of the test shows that BP, BAR, BC and CSA have significance influence on ORGP oil and gas firms in Nigeria. Thus, the study concludes that there is significant relationship between budget management processes and organizational performance of Oil Firms in Nigeria. This study aims to shed light on the current practices within selected firms, offering practical recommendations for a more effective and adaptive approach to financial planning and control in the dynamic oil and gas landscape of Nigeria.

Keywords

References