The study investigated the effects of aggregates of fiscal policy on price stability in Nigeria using Autoregressive Distributed Lag (ARDL) Model and Error Correction Model (ECM) on annual time series data from 2000 to 2019. Fiscal policy was proxied as budget deficit, government expenditure and taxation while price stability was measured as inflation rate. In the short-run as well as the long-run, the results revealed the consistent absence of a significant effect with regards to budget deficit and government expenditure. Taxation, on the other hand, exerted a positive and significant influence on price stability. This study concluded that fiscal policy in Nigeria is not inflationary, hence suggesting that the Nigerian situation may be a monetary phenomenon. The study therefore recommended that federal ministry of finance should consolidate on its fiscal mechanisms by creating and implementing an institutional framework for fiscal policy with a medium- to long-term perspective. Furthermore, taxation policies must incorporate the economy-wide repercussions and implications of such policies.