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The Role of Government Accounting in Managing Public Debt in Nigeria: A Case Study of the Debt Management Office

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Background of the Study

Effective public debt management is essential for maintaining fiscal stability and ensuring sustainable economic growth. In Nigeria, the rising public debt levels have raised concerns about the government’s ability to manage its financial obligations efficiently. Government accounting plays a critical role in this context by providing accurate financial records, facilitating transparency, and ensuring accountability in debt management.

The Debt Management Office (DMO), established in 2000, is Nigeria’s primary institution responsible for managing the country’s public debt portfolio. The DMO oversees borrowing activities, ensures compliance with debt regulations, and provides a framework for sustainable debt practices. Despite these efforts, Nigeria's debt burden has continued to grow, with public debt reaching unprecedented levels by 2025 (Okon & Adeyemi, 2023).

This study examines the role of government accounting in managing public debt, focusing on the DMO’s practices. By evaluating the effectiveness of government accounting in debt recording, reporting, and management, the research seeks to identify gaps and propose strategies for improvement.

Statement of the Problem

Nigeria's public debt has grown significantly over the past decade, raising concerns about fiscal sustainability and economic stability. Despite the establishment of the DMO and the adoption of international accounting standards, challenges such as incomplete debt records, inconsistent reporting, and inadequate oversight persist. These issues hinder the government’s ability to manage debt effectively and exacerbate fiscal pressures (Adedayo et al., 2024).

The lack of integration between government accounting systems and debt management practices further complicates the situation. While government accounting is intended to enhance transparency and accountability, its potential remains underutilized in public debt management. This study seeks to evaluate the role of government accounting in addressing these challenges and promoting effective debt management in Nigeria.

Objectives of the Study

  1. To assess the role of government accounting in managing public debt in Nigeria.
  2. To identify challenges in the integration of government accounting systems and debt management practices.
  3. To propose strategies for improving public debt management through enhanced government accounting practices.

Research Questions

  1. How does government accounting contribute to public debt management in Nigeria?
  2. What challenges affect the integration of government accounting and debt management practices?
  3. What strategies can improve public debt management through government accounting?

Research Hypotheses

  1. Government accounting significantly contributes to effective public debt management in Nigeria.
  2. Challenges such as inadequate integration of accounting systems limit the effectiveness of government accounting in debt management.
  3. Enhanced government accounting practices will improve public debt management in Nigeria.

Scope and Limitations of the Study

This study focuses on the role of government accounting in managing public debt in Nigeria, with particular reference to the Debt Management Office. It evaluates practices from 2000 to 2025, covering domestic and external debt management. The study is limited by the availability of comprehensive debt data and potential biases in stakeholder interviews.

Definitions of Terms

  • Government Accounting: The process of recording, analyzing, and reporting financial transactions in the public sector.
  • Public Debt: Borrowings by a government to finance budget deficits or development projects.
  • Debt Management Office (DMO): Nigeria’s agency responsible for coordinating public debt management activities.
  • Fiscal Sustainability: The ability of a government to meet its financial obligations without resorting to excessive borrowing.




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