Abstract
Oil revenue is indeed an important component of economic growth of the recipient nations. Therefore, most of the oil-rich nations invest the revenue from the oil sector into the non-oil sectors for strategic reasons. However, over the past five decades there has been a blur in the practicality to fulfilling this purpose in the context of Nigerian economy. So far, there is high inconsistency on the utulisation of such oil revenue in Nigeria. Using a multivariate regression analysis, this study aims at critically analysing the impact of oil revenue on the Nigerian economy. Findings indicate a high insignificance in establishing the flow of oil revenue into the key economic sectors in Nigeria.
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