Impact of Budget Implementation on 2023 Fiscal Performance Rankings by States in Nigeria

Abstract

The study examined impact of revenue implementation of 2023 fiscal performance ranking by thirty five states in Nigeria in the six geopolitical zones in the country. The paper made use of the recorded amount of received revenue in 2023 fiscal year sources from CBN and Nigerian statistical Bulletin to determine the ranking of states based on their fiscal performance, allocation received and effect of the environment on the provision of fiscal infrastructure. The paper anchored on “Overhang Debt Theory” the paper adopted descriptive statistics of frequency table, percentages and bar charts to answer the objective question and adopted T-test statistics to test the hypotheses. Findings revealed that Benue state got the highest allocation for North-West geopolitical zone Imo state got the highest allocation for South-East geopolitical zone. For the South-South geopolitical zone, Bayelsa state got the highest allocation for South-South geopolitical zone and Ekiti state got the highest for South-East geopolitical zone. It was found that there was no significant relationship between amount received and fiscal performance in the Bayelsa state. There was significant relationship between revenue received and infrastructural performance in Rivers state, Nigeria. By Geopolitical zones, South-West and North-West got the highest allocation for the 2023 fiscal year. The study recommended that the State governors should be properly checkmated by the states assemblies to ensure judicious utilization of fund received. Federal government Financial Crimes Commission should sit up in prosecuting fraudulent leaders who failed to adequately make use of public funds and both state and national assemblies must stand against budget padding which is the root of corruption in agencies in the country.