Law Amadi* and Peter Chukwuma Obutte**
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
* LL.B (RSU), BL (Lagos), LL.M, PhD (Ibadan), Centre for Petroleum, Energy Economics and Law (CPEEL), University of Ibadan, Nigeria. Corresponding author. Email address: amadidelaw@yahoo.com Telephone: +234(0)8038489275 ** LL.B (Ibadan), BL, LL.M (Ife), Cert. Antitrust (Fordham), Sp. LL.M, LL.D (Oslo). Acting Head, Department of Jurisprudence and International Law, Faculty of Law, University of Ibadan, Ibadan, Nigeria. Deputy Director (Academics), Centre for Petroleum, Energy Economics and Law (CPEEL), University of Ibadan, Nigeria.