EFFECT OF PUBLIC DEBT ON ECONOMIC GROWTH IN NIGERIA (2000 – 2015)
- Project Research
- 1-5 Chapters
- Quantitative
- Regression
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
ABSTRACT
The study examined the effect of public debt on economic growth in Nigeria, using the time frame 2000-2015 (5years). It was established in the study that before the introduction of appropriate government expenditure, public funds were grossly mismanaged, excessive borrowing, high occurrence of corruption in Nigerian public sector which as lead to surplus debt on the economy. Data gathered in the study was estimated using descriptive statistics, unit root test, Johansen co-integration test and vector error correction model. The major findings of the study are: There is a significant relationship between public debt liability and economic growth in Nigeria between 2000 and 2015. There is a significant relationship between debt service payment and economic growth in Nigeria between 2000 and 2015. The study conclude tat public debt as a significant effect on economic growth in Nigeria within the time frame of 2000-2015 (15years). The study recommended; Government should maintain a Debt to GDP ratio of below 30 percent if procuring debt is unavoidable and resort to increase use of tax revenue to finance its projects as it is our believe that tax revenue is far from the optimum; Government should divest itself of all projects which the private sector can handle including refining crude oil (petroleum product) and transportation but should provide enabling environment for private sector investors such as tax holidays, subsidies, guarantees and most importantly improved infrastructure; Government should maintain a proper balance between short term and long term debt instruments in such a way that long term instruments dominate the debt market; Government should strive to finance budget deficit by improving on the present revenue base rather than resulting to domestic borrowing. This can be achieved by improving its revenue sources and efficient pursuit of tax reforms; The government and the Debt Management Office (DMO) should drawn up guidelines to limit the growth of future debt.
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