This study examined the relative effect of policy consistency, exchange rate stability and revenue reality on budget performance in Nigeria. Specifically the study analyze the short run and long run effect of policy consistency, revenue reality and exchange rate stability on overall expenditure budget performance in the country over  the period spanning from 2000 to 2020. Data were source from the statistical bulletin of the Central Bank of Nigeria (CBN). This study conducted Pearson Product Moment correlation analysis, unit root test analysis, bound co-integration test, and ARDL estimation. Result showed that policy consistency exerts positive insignificant effect on budget performance on the short run (0.095815, p > 0.05) and long run (0.121544, p > 0.05). Revenue reality exerts significant positive effect on budget performance in Nigeria both on the short run (0.253408, p > 0.05) and on the long run (0.764846, p > 0.05). Exchange rate stability exert insignificant positive effect on budget performance on the short run (0.399274, p > 0.05), while on the short run its effect is positive and significant (1.435058, p < 0.05). This study concluded that policy consistency does not really influence the position of budget performance in Nigeria both on the short run and long run. Also, revenue reality is to be recon with in the process of facilitating and enhancing budget performance in the country. In addition, exchange rate stability is one of the long run tools that can enhance budget performance. In line with this, this study recommends that monetary policies should increase effort at ensuring exchange rate stability in the country and government should promote activities that ensure increase in exports so as to ensure exchange rate stability. Government need to expand revenue capacity in the country in all sectors of the country in order to improve revenue reality so as to ensure increase in level of budget performance. In addition, government needs to ensure efficiency in the combination of fiscal and monetary policies