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PUBLIC DEBT MANAGEMENT IN NIGERIA

ABSTRACT

Debt can provide a healthy source of funding economic developments if

proceeds are wisely used and economic benefits exceeds costs of debt service.

Unfortunately, Nigeria has mismanaged her debt – both external and domestic – and

this has created a vicious and debilitating cycle, which we may refer to as a

debt trap.

As at 1995, Nigeria’s internal debt burden reached N415.9 billion. On the

external debt front, Nigeria currently owes about $30 billion (including arrears)

which roughly equals GDP and requires about 40% of total export earnings to

service. Given the present state of the economy and Nigeria’s erratic track

record in settling external obligations, this debt burden cannot be supported.

Furthermore, it is responsible for several side effects such as:

* reduced inflow of foreign direct investment,

* reduced short term credit lines (by banks and suppliers), and development

financing funds (by export credit and multilateral lenders),

* damaged external credibility in the eyes of foreign creditors and danors,

* lax fiscal management and discipline, resulting in inflationary pressures

* capital flight and speculations against the Naira, and

* persistent and rapid devaluation of the Naira.

The methodlcgy used for the purpose of collecting data for this sutdy was

purely secondary, the method of analysis is descriptive. It is clear that

Nigeria needs to pursue debt relief rather than continue with debt rescheduling,

which only postpones the inevitable. It is also clear that Nigeria’s external

credibility and past tract record make it imperative to develop a medium term

strategy acceptable to external creditors and implementing the required policy

reforms with the degree of discipline and transparency which will rebuild

external support and confidence.

In addition to negotiating the required IMF standby, Paris club

negotiations will need to be approached with full recognition of the commitments

necessary to qualify for Toronto, Enhanced Toronto or Trinidad terms. We

certainly face an uphill negotiating task and must negotiate in the expectation

that debt relief must be earned and will be received only after successful

performance has been achieved.

Debt relief will require successful implementation of an acceptable medium

term economic reform programme over a period of two or three years.

ABLE OF CONTENT

Title page- – – – – – – – – i

Approval page – – – – – – – -ii

Dedication – – – – – – – – -iii

Acknowledgement – – – – – – – -iv

Abstract – – – – – – – – – -v

Table of content – – – – – – – -vi

CHAPTER ONE

INTRODUCTION – – – – – – – -1

1.0 Background of the study – – – – -1

1.1 Statement of the problem – – – – -5

1.2 Purpose of the study – – – – – -6

1.3 Significance of the study – – – – -8

1.4 Research questions – – – – – -9

1.5 Scope of the study – – – – – – -10

CHAPTER TWO

LITERATURE REVIEW – – – – – – -11

CHAPTER THREE

Research methodology – – – – – – -39

Design of study – – – – – – – -40

CHAPTER FOUR

Presentation, analysis and interpretation of data – -48

CHAPTER FIVE

Summary of findings – – – – – – -60

Conclusion – – – – – – – – -61

Recommendations – – – – – – – -62

Suggestions for further research – – – – -64

References – – – – – – – – -65

Appendix I – – – – — – – – -68

Questionnaire. – – – – – – – -69

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