NATURAL RESOURCE ACCOUNTING, AUDITING AND REPORTING GAPS: THE NIGERIAN EXPERIENCE

NATURAL RESOURCE
ACCOUNTING, AUDITING AND
REPORTING GAPS: THE
NIGERIAN EXPERIENCE
Bassey Eyo Bassey 1* ; Ashishie Peter Uklala 2 ;
Alice Urom 3 ; Alfred J.M. Edema 4 ; Innocent
Obeten Okoi 5 ; Bassey Ina Ibor 6 ; Inyang Ochi
Inyang 7
Government
1, 2, 3, 5, 6 & 7 Department of Accounting,
Revenue Dataset 2019. Data for Panel least
square fixed effects model was used in
analyzing the data as it is preferable to
random effects model based on Hausman
test. The results of the panel fixed effects
model showed that agriculture value added,
inflation rate and gross domestic product per
capita growth have a negative and
insignificant effect on tax productivity,
industry value added, trade openness, foreign
direct investment, and population growth
have a positive and significant effect on tax
productivity. The study recommends that
West African countries should come up with
such practicable policies and programs that
would encourage the development of the
agricultural sector to make it less difficult to
tax, enact policies that can promote industrial
production and also strive to bring small
industries into medium and large industries.
This will increase direct tax through corporate
income tax, indirect taxes through VAT, excise
duty on domestic products.
Keywords: Determinants, Tax
productivity, panel regression, Fixed
effects model
Faculty of Management Sciences,
University of Calabar, Calabar, Cross River
State – Nigeria
*baikiebooze@gmail.com
&
4
Department of Business Management,
Faculty of Management Sciences,
University of Calabar, Calabar, Cross
River State – Nigeria
ABSTRACT
A search for Natural Resource Accounting,
Reporting and Auditing framework in Nigeria
has become a challenge as a result of poor
governance in the management of resources
in the extractive sector of the economy. This
quest for such a framework is accentuated
even more as the demand for public
accountability are brought into focus due to its
universal legitimacy of performing public
accounts attestation service. To situate and
analyze the problem of the study, a review of
existing literature on the subject matter are
discussed critically and extensively in order to
understand the Nigerian case visà-vis the rest
of the
world. To that extent, theoretical and
conceptual approach was adopted in the
methodology of the study to highlight as well
as argue for the essence of an appropriate
Accounting framework for reporting and
auditing in the extractive sector of the
Nigerian public sector. In conclusion,
suggestions and recommendations were
advanced to address some of the challengingBook of Abstract
issues of accounting and auditing created by
the near absence of a good reporting system
for Natural resources in Nigeria. It is hoped
that this paper will stimulate further research
into the emerging issues in the area of
Natural resources accounting for developing
countries globally.
Keywords: Natural resource, Accountability,
Auditing, Reporting, Transparency, Extractive
Industry.

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