What do we mean by a national budget?
A national budget refers to a financial plan that outlines the government's anticipated revenues and planned expenditures for a specific period, typically a fiscal year. It serves as a blueprint for managing the country's finances and guides the allocation of resources to various sectors, programs, and projects. The national budget is an essential tool for governments to fulfill their responsibilities, such as providing public goods and services, implementing policies, and addressing the needs of the nation. It reflects the government's priorities, economic policies, and social objectives. Key components of a national budget include: Revenue: This includes all the funds the government expects to collect during the fiscal year, such as taxes, fees, grants, and other income sources. Expenditure: This refers to the planned government spending, which can be categorized into different sectors like defense, education, healthcare, infrastructure, social welfare, and debt servici...