This paper focused on the economy of Nigeria, which has nosedived into recession. The paper examined the huge oil revenue receipts and the application of such funds between 2011 and 2015, to grow the Nigerian economy. The paper finds that apart from systemic failure of sectoral policies, mismanagement of such huge revenues from oil exports, insurgency, militancy, corruption, the dearth of legislative capacity at Federal, State and Local Governments, to make and amend existing laws on business in the light of current best practices – so as to create ease of doing business through foreign direct investment and foreign portfolio investment, to a greater extent, contributes to low local production and market size with attendant depletion of Nigeria’s foreign reserves due to over-dependence on imported goods and services. The paper, therefore, recommends, among others, that the legislatures at Federal, State and Local Governments in Nigeria, should be more sensitive and proactive in the discharge of their constitutional functions to wit: to make and amend existing laws on business, for example, for a truly good government, peace and order in the country
Keywords: Economy, Legislature and Law, Oil revenue, Recession
