Abstract
Aims: The study examined the relationship existing between financial leverage and the dividend policy of quoted oil and gas firms in Nigeria.
 Study Design: The research work adopted for the study ex-post facto research design. Secondary data spanning 2011 to 2018 was sourced and collated from annual reports and accounts of oil and gas firms in Nigeria and Nigeria Stock Exchange factbook.
 Place of Study: Department of Accountancy, Nnamdi Azikiwe University, Awka, Anambra State, Nigeria.
 Methodology: The data was analyzed employing descriptive statistics and the least square regression technique.
 Results: The study revealed that a significant relationship exists between long term debt and dividend payout ratio; total debt and dividend payout ratio while no significant relationship exists between short term debt and dividend payout ratio of quoted oil and gas firms in Nigeria
 Conclusion: Given the integral role the Oil and Gas sector plays in Nigeria, this paper showed the centrality of the capital structure and dividend policy in ensuring the stability of corporations in the Nigerian Oil and Gas industry.
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