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The study investigated the challenges confronting preparation of financial report of selected state governments in Southwestern Nigeria. Financial reporting in the Nigerian public sector is marred by a host of challenges that hinder transparency, accountability and effective governance. The study used a descriptive survey research design and primary data were collected from three states of Ondo, Ekiti and Ogun through structured questionnaires. The target population consisted of the Office of the Accountant General and the Office of the Auditor General within government departments. The total population of the study was 763 individuals, including 276 participants in Ondo State, 256 participants in Ekiti State and 231 participants in Ogun State. The sample size was 262 participants, selected using the Taro Yamane formula. The online survey was completed with 100% validity and a reliability test coefficient of 0.929 using Cronbach's alpha statistics. Data were analysed using descriptive statistics. The study examined the lack of technical expertise, inadequate accounting systems, complex regulatory environment, transparency and accountability concerns, inadequate funding and political interference. To address these challenges, it was recommended that Nigeria must invest in capacity-building, modernize its technology infrastructure, establish effective regulatory mechanisms, enhance transparency measures, allocate adequate resources and safeguard financial reporting from political interference. By doing so, Nigeria can pave the way for accurate, credible financial reporting, fostering trust, good governance and economic development. 

This study investigates the impact of bank recapitalization on real sector performance in Nigeria. Specifically, thestudy examines the direct effect (bank investment) and indirect effect (loans and advances to real sector) on realsector output growth between the period 1986 and 2012.This study departs from previous studies because weaggregate the three leading sectors (agriculture, manufacturing and building and construction) of the Nigerianeconomy to arrive at our real sector index. Also, having carefully subjected our data to necessary econometric testswe employed chow test for structural break to test for the existence of policy shift between bank capital base and loan to the real sector of the Nigerian economy as a result of bank recapitalisation policy .Similarly, OLS estimates was  used to determine the direct and indirect effect of bank capital base and real sector output growth. The results from structure break tests reveal that bank recapitalization policy causes policy shift in bank capital base and loan to real sector thus the policy is of significant impact to real sector performance .In corollary, the result from the OLS strongly indicates that bank capital base has significant effect on real sector output growth directly and indirectly. We then conclude that Nigerian banks should be adequately capitalised as to play active intermediateting roles expected of them in this modern and competitive global economy.