Transparency: The Much-Clamoured Way Forward In Resource Governance

Introduction

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.¹ 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 bedeviled the management of revenue generated in this sector.