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The availability of timely and accurate information from authentic sources is a booster to national development. Freedom of information is a necessity in order to salvage the nation Nigeria and move it towards the part of economic and social transformation. The focus of this paper is to x-ray the Nigerian freedom of information bill, its relevance and challenges in the scheme of national development. The relevance of the information bill is that it give room to openness and transparency in government and strengthen the democratic structure with the end results of creating values. As good as the Act may seem, the cardinal challenge is the implementation process because Nigerian governments has been known for making good policies that never benefits the citizens in view of the fact that the implementation process has always remains a mirage. The stand point of the paper is that the Nigerian nation will definitely grow into an egalitarian society because the Act has the capacity to facilitate social and economic development of the country.