This study examined the short and long run implication of the effectiveness of monetary and fiscal policy on economic growth in Nigeria by employing, Bound Testing and Autoregressive Distributed Lag to examine the effect of money supply, government expenditure, government revenue and interest rate on gross domestic product. Data analyzed were collected from Central Bank of Nigeria Statistical Bulletin which spanned from 1981 to 2016. The bound test result indicated that there is a long run equilibrium relationship among the macroeconomic variables. The result of the ARDL regression indicated that Money Supply and Government Revenue had positive and significant effect on Gross Domestic Product. Also it was revealed that, government expenditure had negative and insignificant effect on Gross Domestic Product while Interest Rate had positive and insignificant effect on Gross Domestic Product in the long run. Based on the findings it was concluded that, monetary policy proves to be more effective both in the short run and long run while fiscal policy is more effective in the short run than in the long run.