This study investigated the budgetary control measures as a means of enhancing financial management of nonprofit organisations (NPOs) in Nigeria. Specifically, the study explored the effect of budget monitoring, budget cost control, and budget reporting on the financial management of NPOs. A quantitative research method was employed to gather quantitative data, as 129 responses were received through closed-ended questionnaires that were administered to the study participants (the staff and management of the selected charity foundations in Oyo State). SPSS version 28 was used to conduct multiple regression analysis to ultimately analyse the gathered quantitative data. The findings revealed that budgetary control measures, as measured by budget monitoring, budget cost control, and budget reporting, have a significant impact on effective financial management of NPOs in Oyo State, with an R-square value of 0.93, which indicates that 93% of variations in effective financial management can be explained by the considered budgetary control measures. Also, the F-statistic (469.658) at a P-value (0.000) reveals that the general model was statistically significant. This means the independent variables (budget monitoring, budget cost control, and budget reporting) are good predictors of the level of financial management of NPOs in Oyo State. This study concluded that effective financial management of NPOs in Oyo State is significantly influenced by the budget control measures. Based on the findings, it is recommended that the NPOs should assign budget committees within departments that are responsible for monitoring certain parts of the budget; they should critically appraise projected expenditure via cost-benefit analysis to ensure optimum use of budgeted funds, and also, they should try to design a template for steady financial reporting across the company’s departments and projects to enhance clarity.
BUKOLA et al. (Sat,) studied this question.