Organisation: Dataphyte Nigeria
Organisation size: Small
Publication date: 27/03/2021
Credit: Ode Uduu, Oluseyi Olufemi
Ode Uduu is a Data Analyst/Journalist with Dataphyte, a graduate of Economics from Benue State University, Makurdi, and currently at the final stages of an M. Sc program in Management. I am a Data Analyst/Journalist with Dataphyte, a graduate of Economics from Benue State University, Makurdi, and currently at the final stages of an M. Sc program in Management.
Oluseyi Olufemi is an editor with Dataphyte Nigeria.
The project is about the revenue problem of the Nigerian economy. It explains how Nigeria’s continuous dependency on oil revenue cripple its revenue potentials and further neglected other sources of revenue to the country.
The project reveals the problem surrounding oil revenue in Nigeria and the issues relating to the management of oil revenue by a government corporation.
The petroleum bill proposed and in the process of implementation will provide a remedy to the issues surrounding oil revenue and its corporation in Nigeria.
The project put in a voice for the full passage of the bill which has passed through various hearings at the national assemble.
I used statistical tools and other online tools.
Online tools such as ilovepdf were used to extract the tables from the document with the data used for the analysis.
Statistical tools were used to analyze the data on which explanations and comparisons were made. They include percentages, proportions, charts, and tables.
Also, I made some projected estimates by using the average cost of crude oil per barrel to find the estimated amount of revenue generated. This was arrived at by multiplying the price by output.
What was the hardest part of this project?
The hardest part of this project was arriving at the estimated revenue generated from the sales of crude oil by the Nigerian government.
This was so as I have to search thoroughly to get the figures of average production per day in barrels as the figures released by the government agencies were contradictory.
To overcome this, I used the final report provided by the budget office that explains how the revenue were generated. Even with this document, I have to scrutinize thoroughly to ensure that figures extracted were the actual reported production volumes.
What can others learn from this project?
I believe other journalists can learn a few lessons from this project:
- Finding estimates of revenue in the event where these figures were not reported by multiplying output with unit price
- Making comparisons to determine the efficiency and inefficiency of a process to outline issues
- Providing logical step-by-step analysis and insight to explain a problem inherent backed with available data