Impact of Public Debt on Nigeria’s Economy
Nigeria is in a stage where public debt burden is a challenge to the economic growth and development of the Nation. This does not actually portray public debt as a bad economic step, but in Nigeria’s situation, government borrow to finance its expansionary fiscal measures, such as providing basic infrastructure for enhanced economic activities which will lead to growth. But such borrowed funds are never used for it, which creates a wide gap in the economic apparatus that affects the future and make Nigerians benefit insignifiancantly from its total revenue, since a greater chunk of the said revenue is required annually to service both domestic and external debts. Hence, this work examined the impact of public debt on Nigeria’s economy with the aim of assessing the impact of public debt on economic growth in Nigeria; The research recommended that the nation should manage the nation’s rising debt profile, so as to avoid future debt trap.
Keywords: Public debt, Economy, Debt management, Nigeria.
HOW TO CITE
Eze Chidinma Esther(2023).Impact of Public Debt on Nigeria’s Economy. IAA JOURNAL OF SOCIAL SCIENCES, 9(1):25-30, 2023.