The study examined issues faced in Public Financial Management and government reforms efforts in addressing these issues in Nigeria. Descriptive and simple regression techniques were employed to analyse secondary data generated form the NBS, UNDP and TI reports. The study revealed that the public financial management reforms of government are effective and positive. It was also revealed in the study that corruption does not significantly affect the economic growth of the country. The study recommended that, firstly, there should be strict implementation of International Public Sector Accounting Standards (IPSAS) and other relevant fiscal laws and secondly, the government should reduce the corruption perception by abolishing the maintenance of special accounts and ensure they capture all accounts in the financial estimates presented for appropriation to the National Assembly.
Keywords: Public Financial Management, Budgeting problems.