Explain how the national budget is compiled?

Question: Explain how the national budget is compiled?

The national budget is compiled by the government in power, typically through the ministry of finance or treasury department. The process involves gathering data on government revenue sources and expenditures, evaluating the economic conditions and needs of the country, setting priorities and goals, and making trade-offs between competing interests. This information is then used to create a budget proposal that is presented to the legislature or parliament for approval. The budget is typically divided into different categories such as defense, healthcare, education, infrastructure, and social welfare programs, and allocations are made accordingly.

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