Despite tens of billions of dollars generated by oil revenues, approximately 70 per cent of Angolans and 80 per cent of Nigerians live on less than two US dollars a day. The life expectancy in Angola is 50 and 53 years for men and women respectively, and 52 and 53 years in Nigeria – both amongst the lowest in the world.
Nigeria is a significant recipient of DfID assistance with a present portfolio of 27 projects with a commitment value of £860 million (including past expenditure). If this money is to be well spent at a time of diminishing domestic budgets in the UK, DfID must therefore do the upmost to ensure the Nigerian government is able to generate domestic revenues and that these funds do not get misappropriated.
To improve the reliability of public reporting of revenues and to ensure that companies disclose revenues in all countries of operation, it is imperative that robust laws in the US and Europe are adopted to require companies to disclose the payments made to governments in all countries where they operate on a country-by country and project-by-project basis.
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