The Role of Public Sector Accounting in Addressing the Challenges of Domestic Debt in Nigeria: A Study of the Federal Ministry of Finance
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Background of the Study
Domestic debt has become a significant challenge for Nigeria, as the government relies heavily on borrowing to finance budget deficits and fund infrastructure projects. As of 2024, Nigeria’s domestic debt profile has reached alarming levels, posing risks to fiscal stability and economic growth. Public sector accounting is essential for managing domestic debt, ensuring that borrowing is transparent, sustainable, and aligned with fiscal policies (Akinyemi & Ojo, 2023).
The Federal Ministry of Finance plays a central role in managing domestic debt, utilizing public sector accounting tools to monitor debt levels, report borrowing activities, and ensure compliance with debt management policies. However, issues such as inadequate financial controls, lack of transparency, and ineffective debt tracking systems undermine these efforts (Yusuf & Adeleke, 2025). This study explores the role of public sector accounting in addressing the challenges of domestic debt in Nigeria.
Statement of the Problem
Nigeria’s rising domestic debt levels threaten fiscal sustainability, with implications for future economic growth. Inefficient management of domestic debt, including poor reporting and lack of accountability, exacerbates these challenges. Although public sector accounting reforms aim to improve debt management, their implementation has been inconsistent, limiting their effectiveness (Bello & Usman, 2024).
This study examines how public sector accounting can address the challenges of domestic debt in Nigeria, focusing on the Federal Ministry of Finance’s role in enhancing debt transparency, accountability, and sustainability.
Objectives of the Study
- To evaluate the role of public sector accounting in addressing domestic debt challenges in Nigeria.
- To identify the limitations of public sector accounting in domestic debt management.
- To propose strategies for improving domestic debt management through public sector accounting.
Research Questions
- What role does public sector accounting play in addressing domestic debt challenges in Nigeria?
- What limitations affect the effectiveness of public sector accounting in domestic debt management?
- What strategies can improve domestic debt management through public sector accounting?
Research Hypotheses
- Public sector accounting significantly addresses domestic debt challenges in Nigeria.
- Limitations in public sector accounting negatively impact domestic debt management.
- Improved public sector accounting practices enhance domestic debt management.
Scope and Limitations of the Study
The study focuses on the Federal Ministry of Finance’s role in domestic debt management between 2010 and 2024. Limitations include limited access to sensitive debt records and reliance on secondary data sources.
Definition of Terms
- Public Sector Accounting: Financial practices used by government entities to manage and report financial transactions.
- Domestic Debt: Borrowing by a government from internal sources, such as banks and financial institutions.
- Debt Management: Processes and policies aimed at ensuring sustainable and efficient borrowing.
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