Nigeria has made remarkable advancement within the last 10 years by setting the rudiments of a contemporary public expenditure management system. However, lack of coordination in its budget management before 2000 culminated in wide government deficits, higher external debt that resulted in declining manufacturing capacity utilization. The existing expenditure framework in Nigeria is encumbered with absurdities that derail it from positive outcomes. Furthermore, the negative externality effects, affect other macro aggregates. This article reviews conceptual issues in public expenditure, principles and approaches of national budgeting, policy and institutional frameworks for national expenditure management. Using a desktop approach, the article x-rays issues surrounding the uses and abuses of national expenditures and financial management system amongst other dynamics in Nigeria. Based on the synopsis, we recommend a rethinking of the conceptual frameworks of public expenditure management in Nigeria. This will improve the current budget system outcomes in the country.

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