Framing Petroleum Revenue Management Law For Energy Sector Reform In Nigeria

Abstract

This article considers the introduction and conceptual frameworks for
petroleum revenue management law with a view to applying it in Nigeria.
It examines the sources of petroleum revenue to enhance assessment
and collection. The article examines the structure of the legislation and
institutions regulating the petroleum sector by categorizing and
highlighting the subset of petroleum revenue management for efficient
application. It further argues that prudent management of petroleum
revenue is measured through the indicators of transparency and
accountability, sustainable development, sovereign wealth fund, low
corruption level, socio-economic well-being, good health and sustainable
environment. This article is imperative in that it streamlines the legislation
and institutions, block revenue leakages and guarantee sustainable
development. It will further ensure that revenue generated from petroleum resources is properly utilized for socio-economic growth of the nation. It
urges the National Assembly to enact a law that will harmonize the
diverse legislation and institutions and cause them to operate strictly in
accordance with the principles of good governance, transparency and
accountability.