Overview of Organization
Nigeria is endowed with abundant natural resources. “It’s proven oil reserves are estimated by the U.S. United States Energy Information Administration (EIA) at between 16 and 22 billion barrels (3.5×109 m3),1 but other sources claim there could be as much as 35.3 billion barrels (5.61×109 m3)2. Its reserves make Nigeria the tenth most petroleum-rich nation, and by the far the most affluent in Africa”.
As of the last financial year, “Nigeria earned an average of about $282 million (about N42 billion) from oil revenue daily as a result of the increased production of crude”. “Production from 1 million to 2.4 million barrels, (350,000 m³) per day which is the combined daily production figure of crude and condensate in 2011”.
Furthermore, “Nigeria’s proved natural gas reserves is ranked 8th largest in the world3 at well over 187 trillion ft³ (2,800 km³), three times as substantial as the crude oil reserves”. After more than 60 years of oil exploration and production in Nigeria, and crude oil price that has remained fairly stable at about US$100 a barrel, it has earned hundreds of billions of oil revenue, in the last decade alone.
In an effort to correct past mismanagement of the country’s economy under military rule, upon return to democracy in 2001, the country’s leaders called on think tanks to produce an agenda for development, a 20 year national master plan for multi-sectorial development of the country. The result was a white paper by the title, Nigeria Vision 20:20. Given its abundant natural gas resource, the relocation of significant number of industries to neighboring countries due to unreliable power supply, a modern economy in which worker productivity, life style and quality of life depends more and more on electric power, one of the strategic objectives of
References: Adebayo Adedeji (1970) Local Government Finance in Nigeria: Problems and Prospects, Adebayo Adedeji and Rowland,eds. Ile-Ife: University Press pp. Adedokun, A.A (2004): The Development of Local Government in Nigeria since pre-colonial era to 1999 constitution. Polycom Vol. 2, NO. 2, 2004. Bello Imam, I.B. (Ed) (1990) Local Government Finance in Nigeria, Ibadan NISER Ekpo, Akpan H. (1994): Fiscal federalism: Nigeria Post-Independence experience, Capacity assessment of Nigeria’s Local Governments (unpublished) CIA World Facts. Emenuga, Chidozie (1993), The Search for an Acceptable Revenue Allocation Formula: The National Question and Economic Development in Nigeria Ibadan. Nigerian Economic Society. http://en.wikipedia.org/wiki/Petroleum_industry_in_Nigeria#cite_ref-USEIA_0-0 [Accessed April 11, 2012]. Kayode, M.O. (1993). The National Question and Revenue Allocation: An articulation of some of the problems and issues. The National Questions and Economic Development in Nigeria Ibadan: Nigerian Economic Society. Library of Congress – Federal Research Division (July 2008). Country profile: Nigeria. pp. 9. Retrieved 28 December 2011. McIntosh, Susan Keech, Current directions in west African prehistory. Palo Alto, California: Annual Reviews Inc., 1981. 215–258 p.: ill. Nigeria. N.p., n.d. Web. 13 May 2012. . Oates, Wallace E. (1994): Federalism and Government Finance in Modern Public Prospects, Adebayo Adedeji and Rowland, eds. Ile-Ife: University Press pp. 1 – 19. Roberts, F.O.N. (1998): Paper presented at a Two-day workshops on Effective Budgeting, Planning, Implementation and Evaluation for the Ten Local Councils in Oke-Ogun Area of Oyo State, Iseyin.