This study investigates the dynamic interaction among fiscal deficits, inflation, and economic growth in Nigeria using secondary data covering the period 1980–2024. The paper explores how fiscal imbalances and price instability influence the nation’s long-term economic performance, drawing data from authentic sources such as the World Bank’s World Development Indicators (WDI), the Central Bank of Nigeria (CBN) Statistical Bulletin, and the International Monetary Fund (IMF) country reports. Employing the Autoregressive Distributed Lag (ARDL) bounds-testing approach, the study examines both the short-run and long-run relationships among fiscal deficit (% of GDP), consumer price index (CPI) inflation, and real gross domestic product (GDP) growth. Preliminary findings suggest that persistent fiscal deficits, particularly those financed through monetary expansion, tend to elevate inflation and undermine sustainable growth. Conversely, moderate and productive deficit financing especially for infrastructure and capital development can stimulate economic activity in the short run. The results also indicate that inflation exerts a significant negative impact on real GDP growth, while sound fiscal management enhances macroeconomic stability. The study concludes that Nigeria’s fiscal policy must balance the dual objectives of stimulating growth and curbing inflation by improving revenue mobilization, reducing non-productive expenditure, and coordinating fiscal and monetary policies effectively.