Monitoring the Internal Resources Mobilization and Financial Control of Government Budget in Southwest Nigeria

Since independence, the Nigerian budgeting experience has been under both the military and the
civilian regimes. Under the military, the exact stages of budgeting procedures may not be really
defined. This study examined the impact of internal resources mobilization and financial control of
government budget in southwest Nigeria. The study focused on all the southwest states over a period
of 15 years (2003 to 2017). Pooled OLS estimation, fixed effect estimation and random effect
estimation were used in the study, alongside trend analysis. Result showed significant trend of
resources mobilization performance, though with varying strength of fluctuation across the sampled
states. Internally generated revenue exert positive significant impact on government financial control
measured in terms of revenue budgeted actual variance (0.407566,p=0.000 < 005) and in terms of
expenditure budgeted actual variance (0.1694784, p=0.000 < 0.05). This study concluded that internal
resources mobilization has significant positive influence on the level of financial control of government
budget in Southwest Nigeria. The study identified the importance of internally generated revenue in
the discussion budget implementation and control in southwest Nigeria. Hence state government in
southwest Nigeria should ensure adequate generation of revenue within the States, so as to boost the
level of financial control in government budget process.