Abstract: This article looked at the debt situation in Nigeria. The paper examined trend of Nigeria’s public debt since 1960s till date. Debt is an important component of fiscal policy. The method of analysis is explanatory and descriptive analysis. This article chronologically narrated Nigeria’s debt profile before and after independence. The write up also discussed the implications of debt on economic growth and development of Nigeria. It also discusses how the debts can be managed. The causes of debt in Nigeria were enumerated and extensively discussed. Short-term and long-term solutions were also explicitly narrated. It is recommended that solving the existing external debt problem should not be regarded as the final objective but rather should be seen as an opportunity for enabling Nigeria to absorb more external resources for economic recovery, growth and development. Corruption and blocking of leakages in economy must be treated with all seriousness and sincerity. Technology should be deployed to sustainably fight corruption. Nigeria must consolidate on the gain from Bank Verification Number (BVN) and Treasury Single Account (TSA). It should be noted that in the modern world, corruption is not only fought by “sending more people to jail”.
Keywords: Debt profile, External debt, Foreign Direct Investment, Oil-price shock.
Title: DEBT MANAGEMENT SITUATION IN NIGERIA
Author: Prof. P.O. Idisi, Dr.I.J. Ogwu, G.A. Sunday
International Journal of Management and Commerce Innovations
ISSN 2348-7585 (Online)
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