Oil Slump and the Imperative for Approaches to Financial Prudence in Governance in Nigeria

Abstract

This study investigates  the  approaches to   financial prudence in governance  in Nigeria in the face  of the slump in the price of  oil at the international  market. The general objective of the   study was to determine the appropriate approaches to financial prudence in governance in Nigeria. Through a purposive means, 200 respondents   were purposively selected in Enugu State. Findings showed that the appropriate approaches to financial prudence in governance  in Nigeria  are effective internal audit, proper budget process  and better project  implementation.  Finding further showed  that the  financial  prudence in   governance can avoid  waste of  financial  resources to  a large  extent. The  researcher recommends among  others that   government should ensure   financial prudence  in all her dealings with  a view to ensuring prudence utilization of financial resources.

Keywords:  approach, governance,  oil,  finance and slump