Human wants are insatiable but the resources available to satisfy them are not sufficient. There is every possibility to waste or under-utilize the meager resources if there is no policy or good policies put in place in budgeting process. Budgetary policy is an attempt by government to ensure the available resources (income) are allocated to various wants (expenditure) judiciously to achieve equilibrium/balanced budget or surplus budget. The aim of this policy is to reduce government borrowing (public debt) to finance budget deficit.
Three (3) potential research topics
1. Innovative and/or new revenue source available for government to achieve equilibrium/balanced budget or surplus budget.
2. History and trends of budget expenditures.
3. The impact of poor budgeting decisions on the economy and future budgeting process.