Somtochukwu

There are categorically two (2) types of budget;

1. Balanced Budget; this is that type of budget which over a period of time, revenue does not fall short of expenditure. That is Revenue = Expenditure (R=E).
2. Unbalanced Budget; this is a form of budget that occurs due to an excess of expenditure over revenue or an excess of revenue over expenditure. In other words, budget may either be surplus or deficit. A budget is said to be surplus when public revenue exceed public outlay/expenditure (R>E). A deficit budget means a budget of which Expenditure exceeds revenue (R<E)

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