Revenue Generation through Petroleum and Economic Development in Nigeria

Petroleum is one of the most important sources of revenue and a major contributor to the total revenue in Nigeria. The study is aimed at determining the source of revenue generation from petroleum and its contribution to economic growth and development. The study utilizes primary source of data through the use of questionnaire. Stratified random sampling was used in selection of the sample from the respondents. While descriptive statistic was used in analyzing the data. The study finds out that revenue generated through petroleum play a major role in the growth and development of Nigeria economy. The study recommends that, Government should develop the petroleum sector, provide measures that will bring to an end to pipelines vandalism oil bunkering poor corporate governance, corruption, so that revenue to be generated through petroleum will increase which will in turn contribute more to economic growth and development of the nation.