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

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 vis-à-vis
the rest of the world.
Materials & Methods
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.
Principle Conclusion
In conclusion, suggestions and recommendations were advanced to address some of the challenging
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.