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In short: A budget record shows a plan for future spending. A financial statement shows what money was received and spent in the past. The budget record is approved before a financial year starts. The financial statement is prepared after the year ends. A reader uses the budget record to track what was promised. A reader uses the financial statement to see what was delivered.
A budget record is a government plan. It lists the money a public office expects to receive and the money it plans to spend in a coming year. The record names each spending item, such as salaries, construction, or training. It shows the amount allocated to each item. The National Assembly or a State House of Assembly approves the budget record before the financial year begins.
A financial statement is a government report. It lists the money a public office actually received and spent in a past year. The statement shows the real income from taxes, fees, and grants. It shows the real expenditure on each budget item. An office prepares the financial statement after the financial year closes. The Auditor-General for the Federation or a State Auditor-General reviews the statement.
The budget record works as a guide. A ministry uses it to know how much it can spend on each activity during the year. The financial statement works as a ledger. It records each transaction that happened, matching or differing from the budget plan. A reader compares the two documents. The budget record sets the expectation. The financial statement shows the outcome.
A budget record does not show whether money was spent. It shows only the plan. A financial statement does not explain why spending differed from the plan. It shows only the numbers. To understand the reasons for a difference, a reader needs meeting minutes, procurement records, or written explanations from the spending office.
The Federal Ministry of Finance, Budget and National Planning publishes the annual budget record. Each state ministry of finance publishes its state budget record. The Office of the Accountant-General of the Federation publishes the annual financial statement, known as the Consolidated Financial Statements. Each state office of the accountant-general publishes its state financial statement. These documents are held in government gazettes and on official ministry websites.
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