Prudence in public institutions management: the strategic financial efficiency challenge in Nigeria
This conceptual study addressed the need for fiscal prudence in Nigerian public institutions, with deeper emphasis on the imperatives of strategic financial efficiency. It stems from the realization that system-wide prudential adaptation still leaves much to be desired in the Nigerian economy. The framework, therefore, analytically embodies fiscal consolidation recourse, attitudinal condition referral, portfolio constitution refocus, and synergy conservation recipe. Logically, the consolidation of revenue flow in government ministries, departments and agencies (MDAs) into an ultra-large kitty with the Central Bank of Nigeria (CBN) is herein eulogized as bubble in the struggle, while the cycle of strange attitudinal inculcation, inclination and incarceration is visualized as hurdle on the saddle. Essentially, strategic financial efficiency advocacy in portfolio analysis and investment management circles still underscore the constructive optimization of risks with a view to attracting returns in relation to variability, volatility, and vitality. In project analysis settings, total quality cash flow control and operational/strategic management functionality are equally of the essence, as sustainable innovativeness and competitiveness of the focal institutions remain imperative. Ultimately, when the financial efficiency outpost is this strategic, the institutional expectancy outcome will be synergistic. This is highly desirable, feasible and sustainable in Nigerian public institutions.
Keywords: Financial control, Institutional prudence, Strategic synergy