Subscribe to our Newsletter and get informed about new publication regulary and special discounts for subscribers!

ILSHS > Volume 74 > Public Debt and Sustainable National Development...
< Back to Volume

Public Debt and Sustainable National Development in Nigeria: Analysis of Fundamental Issues

Full Text PDF


This study raises some fundamental issues in the relationship between public debt and sustainable national development in Nigeria. The work is significant in highlighting the position of public debt in the subject area of public administration. The study finds a very weak linkage between public debt and sustainable national development in the Nigerian state. The theoretical framework of the investigation is the bureaucratic theory. The work finds that the bureaucracy is as guilty as the politician in the country, in the transmutation of public debt into a brand of national bazaar. It is finally recommended in the paper that taxation-increases be adopted as alternative to public debt, in ensuring that the current generation of the country’s citizens, in meeting their immediate needs do not invariably endanger the capacity of future generations in the same regards.


International Letters of Social and Humanistic Sciences (Volume 74)
R. C. Okeke and A. N. Idike, "Public Debt and Sustainable National Development in Nigeria: Analysis of Fundamental Issues", International Letters of Social and Humanistic Sciences, Vol. 74, pp. 41-47, 2016
Online since:
Nov 2016

[1] C.D. Checherita, P. Rother, The impact of high and growing government debt on economic growth: an empirical investigation for the euro area, European Central Bank, Frankfurt am Main, (2000).

[2] Y.B. Raman, et al., Debt management and economic growth in Nigeria: performance, challenges and responsibilities, Manager Journal. 12(1) (2010) 31-39.

[3] F.I. O. Izedonmi, O.J. Ilaboya, Public debt–growth dynamics: The Nigerian experience, Journal of Research in National Development. 10(3) (2012) 252-260.

[4] M. Pam, FG borrows N600 billion monthly to pay salaries, New Telegraph, Wednesday, April 13, 2016, p.2.

[5] T. Chukwunyem, A. Emmanuel, China offers Nigeria $6billion loan for infrastructure development, New Telegraph, April 13, 2016, p.1.

[6] Information on http: /www. tradingeconomics. com/nigeria/external-debt.

[7] E.M.C. Izueke, Some theoretical frameworks of analysis in public administration, in: O. M Ikeanyibe, P. Mbah (Eds. ), An anthology of theories for social research, University of Nigeria Press, Nsukka, Nigeria, (2014).

[8] M. Celik, E. Dogan, A theoretical approach to the science of management, International Journal of Humanities and Social Science. 1(3) (2011) 65-69.

[9] Information on http: /www. ozyazilim. com/ozgur/marmara/orgut/burokrasi. html.

[10] W. K Adebayo, J.K. Olowookere, Managing Nigerian debt: The practical solutions, Research Journal of Finance and Accounting. 4(19) (2013) 116-123.

[11] C.O. Udoka, S. Ogege, Public debt and the crisis of development in Nigeria: Econometric Investigation, Asian Journal of Finance and Accounting. 4(2) (2012) 231-243.

[12] H.L. Bhatia, Public Finance, Twenty sixth edition, Vikas Publishing House, New Delhi, (2008).

[13] F. Modigliani, Long-run implications of alternative fiscal policies and the burden of the national debt, Economic Journal. 71(284) (1961) 730-755.

[14] P. Krugman, Financing vs. forgiving a debt overhang: Some analytical issues, NBER Working Paper No. 2486, (1988).

DOI: 10.3386/w2486

[15] R. Emas, The concept of sustainable development: Definition and defining principles, Brief for Global Sustainable Development Report (GSDR), (2015).

[16] United Nations General Assembly, Report of the world commission on environment and development: Our common future, United Nations General Assembly, Development and International Co-operation: Environment, Oslo, Norway, (1987).

DOI: 10.1163/2211-4394_rwilwo_sim_032687

[17] N. Kutay, F.A. Tektüfekçi, New era for sustainable development: A comparison for sustainability indices, Journal of Accounting, Finance and Auditing Studies, 2(2) (2016) 70-95.

[18] J.R. Siche et al., Sustainability of nations by indices: Comparative study between environmental sustainability index, ecological footprint and the emergy performance indices, Ecological economics. 66(4) (2008) 628- 637.

DOI: 10.1016/j.ecolecon.2007.10.023

[19] J.O. Sanusi, Management of Nigeria's domestic debt. Keynote address by Dr Joseph O Sanusi, Governor of the Central Bank of Nigeria, at the 7th Monetary Policy Forum organized by the Central Bank of Nigeria at the CBN Conference Hall, Abuja, 22 May, (2003).

[20] T. Egbetunde, Public debt and economic growth in Nigeria: Evidence from granger causality, American Journal of Economics. 2(6) (2012) 101-106.

DOI: 10.5923/j.economics.20120206.02

[21] Information on http: /www. dmo. gov. ng.

[22] O.O. Emmanuel, An empirical analysis of the impact of public debt on economic growth: evidence from Nigeria, 1975-2005, Canadian Social Science. 8(4) (2012) 154-161.

[23] Information on http: /www. premiumtimesng. com/news/more-news/201814-fayose-writes-chinese-government-stop-nigerias-loan-request. html.

Show More Hide