An Evaluation of the Impact of Public Sector Accounting on Nigeria's Rising Debt Profile: A Case Study of External Borrowings from the World Bank
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Background of the Study
Nigeria’s reliance on external borrowing has increased in recent years as the government seeks to finance infrastructure development and address fiscal deficits. The World Bank is a major creditor, providing loans to support various development projects. However, the rising external debt profile has raised concerns about its sustainability and the role of public sector accounting in ensuring transparency and accountability.
Public sector accounting serves as a foundation for debt management by providing accurate financial data and facilitating compliance with borrowing agreements. Despite its importance, gaps in public sector accounting practices, such as incomplete debt records and delays in financial reporting, undermine effective debt management. Studies suggest that improved accounting practices could enhance transparency and reduce the risks associated with rising debt levels (Onwuegbuchulam & Adetayo, 2023).
This study evaluates the impact of public sector accounting on Nigeria's external borrowings from the World Bank, examining its effectiveness in managing the country’s debt profile and identifying areas for improvement.
Statement of the Problem
Nigeria’s rising debt profile, particularly external borrowings from the World Bank, has raised concerns about fiscal sustainability and economic stability. Weak public sector accounting practices, including inconsistencies in debt reporting and lack of transparency, exacerbate these challenges. These issues hinder effective debt monitoring and increase the risk of non-compliance with loan agreements (Ibrahim et al., 2024).
The disconnect between public sector accounting systems and debt management frameworks further limits the government’s ability to manage external borrowings effectively. This study explores the extent to which public sector accounting influences Nigeria’s rising debt profile and proposes strategies for strengthening its role in debt management.
Objectives of the Study
- To evaluate the impact of public sector accounting on Nigeria’s external borrowings from the World Bank.
- To identify challenges in public sector accounting practices related to debt management.
- To propose strategies for improving debt management through enhanced public sector accounting.
Research Questions
- How does public sector accounting influence Nigeria’s external borrowings from the World Bank?
- What challenges affect public sector accounting practices in managing external debt?
- What strategies can strengthen the role of public sector accounting in debt management?
Research Hypotheses
- Public sector accounting significantly impacts the management of Nigeria’s external borrowings from the World Bank.
- Challenges such as inconsistent reporting and weak integration hinder the effectiveness of public sector accounting in debt management.
- Strengthened public sector accounting practices will improve the management of Nigeria’s external debt profile.
Scope and Limitations of the Study
This study focuses on the impact of public sector accounting on Nigeria’s external borrowings from the World Bank, examining practices from 2010 to 2025. It is limited by the availability of data on debt transactions and the potential reluctance of stakeholders to provide comprehensive information.
Definitions of Terms
- Public Sector Accounting: Accounting practices in the public sector that ensure transparency and accountability in financial management.
- External Borrowings: Loans obtained from foreign institutions, such as the World Bank, to finance government activities.
Debt Profile: The composition and structure of a country’s debt, including its sources, terms, and repayment obligations.
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