Article 1 of 2Almustapha A Aliyu, Aminu Abdullahi, Nuruddeen M Koko, Abednego Stephen Leo
Abstract
This study explored the influence of budgetary planning and control on the performance of national social intervention programs in selected North-Western States, Nigeria. Descriptive statistic, bootstrapping and PLS-SEM were used as techniques of data analysis. The population of the study comprises 23 officials from the Account, Audit, Cash, and Monitoring and Evaluation units of the Social Investment Program Agency of the State Operating Coordinating Unit (SOCU), along with 12,771 beneficiaries of the N-Power, Conditional Cash Transfer (CCT), and Government Enterprises and Empowerment Programs (GEEPs) from Jigawa and Katsina State. For the total number of population, Yaro Yamane’s formula was used to arrive at a sample size of 388 respondents. The analysis is based on data collected from the officials and beneficiaries of the programs with the help of structured closed-ended questionnaire from 2016 to 2025. The findings reveal that budgetary planning and control has positive and insignificant relationship with performance of national social intervention programs in selected North-Western States, Nigeria. Therefore, the study recommends strengthening NSIP performance through strict budget compliance, real-time digital monitoring and disbursement systems such as GIFMIS, sanctions against fund diversion, and system-wide reforms that ensure consistent funding, and improved financial management capacity across all program units in selected North-Western States, Nigeria.
Keywords: Budgetary Planning and Control; National Social Intervention Programs (NSIPs); Program Effectiveness; Public Financial Management;
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Article 2 of 2ADETORO, Wasiu Oladejo
Abstract
This study examines the effect of exchange rate volatility on the financial performance of listed manufacturing firms in Nigeria over the period 2015–2024. Nigeria's manufacturing sector is highly exposed to exchange rate risk due to its dependence on imported raw materials and machinery. The 2023 exchange rate unification policy, which led to a sharp depreciation of the naira, further heightened this vulnerability. An ex-post facto research design was adopted using secondary panel data from 45 listed manufacturing firms, comprising 450 firm-year observations obtained from audited financial statements, the Central Bank of Nigeria, and the Nigerian Exchange Group. Exchange rate volatility was estimated using the GARCH (1,1) model, while financial performance was measured by Return on Assets (ROA) and Return on Equity (ROE). Firm size, leverage, and liquidity were included as control variables. Panel unit root, cointegration, and Hausman tests supported the use of the Fixed Effects model, while a Panel ARDL/Error Correction Model was employed to distinguish between short-run and long-run effects. The findings reveal that exchange rate volatility has a significant negative effect on both ROA (β = –18.23, p < 0.01) and ROE (β = –25.68, p < 0.01), with stronger long-run effects than short-run adjustments. Firm size and liquidity mitigate the adverse impact, whereas leverage intensifies it. The study concludes that exchange rate stability is essential for improving manufacturing firms' financial performance and recommends stronger foreign exchange risk management practices alongside policies that promote a stable and predictable exchange rate environment.
Keywords: exchange rate volatility; financial performance; return on assets; return on equity; panel ARDL; manufacturing firms; Nigeria
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