Investigating the Impact of Budget Transparency on Economic Performance in Nigeria
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Background of the Study
Budget transparency is an essential element of good governance and is believed to improve economic performance by ensuring that public funds are allocated efficiently. In Nigeria, reforms initiated between 2023 and 2025 have emphasized the need for greater budget transparency through digital reporting systems, public disclosure of budgetary information, and participatory budgeting processes (Ogunleye, 2023). The theoretical framework holds that when citizens and stakeholders have access to accurate and timely fiscal information, corruption is reduced, accountability is increased, and public resources are used more effectively. Empirical studies in emerging economies have shown that transparent budgeting processes can lead to improved economic outcomes by fostering a stable and predictable investment climate (Afolabi, 2024). However, despite these efforts, challenges such as bureaucratic resistance and data manipulation continue to undermine transparency. This study evaluates whether enhanced budget transparency in Nigeria has led to measurable improvements in economic performance and public service delivery (Chinwe, 2025).
Statement of the Problem
Even with recent reforms aimed at increasing budget transparency, many Nigerians remain skeptical about how public funds are managed. The core problem is that while transparency initiatives are designed to reduce corruption and improve fiscal management, implementation challenges—such as incomplete disclosure and technical limitations—often impede their effectiveness (Ibrahim, 2024). This lack of transparency results in misallocation of resources, budgetary discrepancies, and diminished investor confidence, ultimately affecting economic performance. Moreover, resistance from entrenched bureaucratic interests and occasional manipulation of budgetary data hinder efforts to fully open fiscal processes to public scrutiny. This study seeks to understand the gap between policy intentions and actual outcomes in budget transparency, identifying factors that limit its effectiveness and exploring measures to bridge this gap (Nwankwo, 2023).
Objectives of the Study
- To evaluate the impact of budget transparency on economic performance in Nigeria.
- To identify the obstacles to effective budget disclosure and monitoring.
- To recommend strategies for improving transparency in fiscal management.
Research Questions
- How does budget transparency influence economic performance in Nigeria?
- What are the main challenges to achieving full budget disclosure?
- Which measures can enhance transparency and improve fiscal outcomes?
Research Hypotheses
- H1: Enhanced budget transparency positively affects economic performance.
- H2: Inadequate disclosure practices undermine the benefits of transparency reforms.
- H3: Strengthened public monitoring mechanisms improve the effectiveness of budget transparency.
Scope and Limitations of the Study
The study covers budget transparency initiatives in Nigeria from 2023 to 2025, using government publications, fiscal reports, and public opinion surveys. Limitations include potential biases in reported data and challenges in attributing economic performance solely to transparency measures.
Definitions of Terms
– Budget Transparency: The openness and availability of budgetary information to the public.
– Economic Performance: The overall health of the economy as measured by indicators such as GDP growth and investment.
– Fiscal Management: The processes of planning, executing, and monitoring public expenditures.
– Participatory Budgeting: A process that involves citizens in decision-making over public spending.
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