Public Financial Management in Nigeria: The Goals, Concepts, Legal and Institutional Framework, and Reforms for Good Governance

Globally, Public Financial Management (PFM) has become a key factor for good governance, promotion of social economic development, and efficient management of public resources in a country. Poor PFM in Public Sector (PS) has contributed to the inefficiency, ineffectiveness, and corrupt practices common in PS. Nevertheless, this call for better understanding of the goals, concepts, legal and institutional frameworks, and PFM reforms for good governance. It is against this background that the study examined PFM in PS as a means to enhanced transparency, accountability, efficiency, and probity in PS activities. The study employed exploratory research design with focus on relevant literatures. The study concluded that PFM is an integral part of organisation structure and operating mechanism which would provide good frameworks for good governance. Also, PFM reforms would enhanced efficiency, transparency, credibility, and trust in government. The study recommends adoption of participatory budgeting for budgeting process. In addition, continuous capacity building and training for personnel in ministry of fiancé and budget office should be encouraged, while political office holders should be trained on the importance of budgeting, this would reduce political intervention on budget implementation. Furthermore, public procurement reforms should ensure competitiveness and probity on procurement of goods and services. Government should also invest more on information and communication technology to enhanced internally generated revenues and minimise cost of collection. Similarly, audit institution should be strengthened to promote stewardship of fairness, probity, efficiency, accountability, and transparency in management of public resources.