Public Financial Management and Budgeting in Nigeria: A Comprehensive Review of Strategic, Implementation, and Evaluation Frameworks

Abstract

This paper provides a comprehensive analysis of public financial management (PFM) and the budget process in Nigeria, examining the interconnected stages of budget preparation, implementation, and evaluation. Drawing on the Pawpaw/Papaya and Pineapple Theories as conceptual frameworks, the study synthesises findings from recent research on Nigerian public financial management alongside broader scholarly and policy literature. The analysis reveals a persistent implementation gap characterised by optimistic revenue projections, weak institutional coordination, and significant project abandonment, with over 56,000 government projects remaining uncompleted nationwide. Despite recent reform efforts, including the proposed Performance and Priority-Based National Budgeting System Bill, significant challenges remain, including legislative insertions that distort budget priorities, overlapping budget cycles, and limited technical capacity. The paper proposes an integrated reform framework emphasising results-based budgeting, digital transformation, strengthened legislative oversight, and enhanced planning-budgeting coordination. The findings underscore that effective PFM reform requires not merely technical adjustments but fundamental institutional transformation and sustained political commitment.