PETROLEUM REVENUE GENERATION ON HUMAN CAPITAL DEVELOPMENT IN NIGERIA
Keywords:
Petroleum Revenue, Crude oil sales, Oil and Gas Royalties and Human Capital DevelopmentAbstract
The justification for this study was to examine the Petroleum Revenue Generation on Human capital development in Nigeria over the last 10 years. The specific objectives were on Crude oil sales, Petroleum Profit Tax, Oil and Gas Royalties on Human Capital Development measured with Human Development index parameter anchored on Human capital theory. Data set were extracted from the CBN Statistical Bulletins, FIRS, NEITI and World bank databases for the periods (2015-2024). However, these data set were analyzed using descriptive statistics, correlation and least square regression. expo-facto design was applied and secondary data sourced. Judgmental sampling technique was adopted out of total Petroleum Revenues. The implications of the findings showed that Crude oil sales have a positive and significant impact on human capital development index, oil and gas royalties as well as petroleum profit tax also showed a significant positive impact on human capital development as measured by HDI. The study recommended that the Nigerian government should effectively and efficiently utilize the oil funds in strategic development projects so as to improve the peoples standard of living especially in terms of Education and health. The implications are periodic audits, public reporting, and stakeholder engagement to ensure that Revenue funds are not diverted from human capital development priorities.References
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