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The study investigated the relationship between PPT and CAPEX of listed oil and gas firms in Nigeria. Specifically, the study also examined the impact of the PPT, oil price and economic growth on CAPEX spending by listed oil and gas firms in Nigeria. The study adopted the use of cross-sectional research approach as designed for this study. The population of this study is all listed firms in the oil and gas sector Nigeria while the sample size includes all the 10 listed oil and gas firms listed on the Nigeria Stock Exchage. Data were collected by the researcher across 10 years from 2013 to 2022 while the analyses of the data were analyzed through the use of statistical package for social science (SPSS) version 23. The study incorporated the use of descriptive statistics which entailed percentages frequencies, mean and standard deviation to describe the distribution of the key statistics of the data collected. Multiple regression analysis was used to examine the data gathered for this investigation. Based on the test of hypotheses, the study shows that there is a significant relationship between PPT and CAPEX, it was noted that the level of the PPT will always be a determining factor of the company’s fund which is allocated to CAPEX as the rate of PPT has an effect on CAPEX spendings by oil and gas companies in Nigeria. it was also noted that there is a significant relationship between oil prices and CAPEX, this implies that the impact of oil shocks makes firms more likely to reduce capital spending because of financial constraints in the capital markets. Finally, it was noted that investment in CAPEX by oil and gas firms has a significant impact on the economic growth of a nation, it was posited that CAPEX contributes to the increase in economic output and the increase in GDP. Therefore, it was recommended that government should assist oil and gas firms by reducing PPT and also improve the economy by stabilizing the currency.
