Original Research Article | OPEN ACCESS

Public Debt Burden and Issues of Economic Growth in Nigeria: Are there Solutions?

For correspondence:-    

Received: May 11, 2021        Accepted: June 21, 2021        Published: June 30, 2021

Citation: Public Debt Burden and Issues of Economic Growth in Nigeria: Are there Solutions?. Account Tax Rev 2006; 5(2):1-14 doi:

© 2006 The authors.
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Abstract

The study examined the impact of the public debt on the economic growth of Nigeria. The aim was to present the nature, the danger of debt accumulation and strategic solutions to the problem debt incurrence for sustainable growth of the economy. It is an exploratory study that reviewed empirical studies in respect of impact of public debt burden on economies around the world particularly Nigeria the focus of the study. It was found from the review that borrowing has impacted negatively on the growth of Nigerian economy. Diversification of the nation’s economy from oil to non-oil sector, creation of conducive environment for businesses to thrive and curbing the menace of financial leakages and corruption are some of the recommendations of the study to reverse the increasing trend of public debt accumulation in Nigeria.

Keywords: Public debt, Sustainable growth, Diversification of economy, financial leakages, Conducive environment.