The Nigerian economy is heavily dependent on the oil and gas sector. The sector accounts for about 65% of government revenue and 88% of the nations export earnings. However, what the nation earns in oil revenue cannot meet its budgetary needs, hence, the need to service some of her expenditure through debt. A number of factors have been attributed to Nigeria’s inability to fund its expenditures, however, much focus has been placed on revenue generated from the oil and gas sector. This is necessary in light of the long-standing challenges of corruption, lack of transparency, political instability, poor business environment, and unaccountability which has bedevilled the management of revenue generated in this sector.

Secrecy of NNPC’s Operations
Much of the revenue loss has been attributed to poor practices, including lack of transparency and accountability in the State owned companies, Nigerian National Petroleum Company (“NNPC”) and its subsidiaries. The NNPC first published its 2018 Audited Financial Statement in 2020 after 43 years of its establishment and the operation of its finances and contracts in secrecy…