This study provides that though the budgetary system is not perfect, its usefulness cannot be over emphasized. The primary source of data was used and data were collected through the use of questionnaire. A Non-Parametric test -Chi-square test and the descriptive statistics were used for data analysis. The study reveals that budgeting is perceived by managers a worthwhile exercise and a value creation process. It is recommended therefore that, researches should be directed towards budgetary system improvement rather than its total abandonment.