An Investigation of Integrated Fiscal Policies’ Impact on Public Debt Management in Nigeria
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Background of the Study
Integrated fiscal policies in Nigeria are increasingly viewed as pivotal in managing public debt effectively. By coordinating tax, spending, and borrowing decisions, these policies aim to maintain fiscal balance and control debt accumulation (Okoro, 2024). The nation’s historical reliance on debt financing to bridge fiscal deficits has raised concerns about long-term sustainability. Recent reforms have sought to integrate fiscal policies to ensure that debt management aligns with macroeconomic stability goals (Balogun, 2025). Integrated approaches involve harmonizing revenue mobilization, expenditure rationalization, and prudent borrowing practices. Such strategies are essential in mitigating the risks associated with excessive debt and ensuring that borrowing is channeled into productive investments (Adeyemi, 2023). Moreover, the integration of fiscal instruments is critical for enhancing transparency and accountability in public finance management, which are central to maintaining investor confidence and credit ratings. This study investigates how integrated fiscal policies influence the effectiveness of public debt management and contribute to fiscal sustainability in Nigeria. The analysis considers both domestic and external factors that shape debt dynamics, underscoring the importance of a coordinated fiscal strategy in curbing debt-related vulnerabilities (Okoro, 2024; Adeyemi, 2023; Balogun, 2025).
Statement of the Problem
Nigeria’s mounting public debt remains a significant challenge despite various reform efforts. Inefficiencies in fiscal policy integration have led to poor debt management practices, resulting in increased borrowing costs and fiscal vulnerabilities (Balogun, 2025). The disjointed application of fiscal policies has often resulted in inconsistent debt servicing and increased exposure to external shocks. Moreover, limited transparency in debt accumulation exacerbates public distrust and undermines fiscal discipline (Adeyemi, 2023). Without a robust framework for integrating fiscal policies, the effectiveness of public debt management is compromised, leaving the economy susceptible to unsustainable debt levels (Okoro, 2024).
Objectives of the Study
- To assess the impact of integrated fiscal policies on public debt management in Nigeria.
- To identify the key challenges in the current debt management framework.
- To recommend strategies for improved integration of fiscal policies in debt management.
Research Questions
- How do integrated fiscal policies affect public debt management in Nigeria?
- What are the challenges in achieving effective fiscal integration for debt control?
- Which measures can improve the coordination of fiscal policies for sustainable debt management?
Research Hypotheses
- Integrated fiscal policies have a positive impact on public debt management.
- Inadequate policy coordination exacerbates debt management challenges.
- Improved fiscal integration leads to enhanced debt sustainability.
Significance of the Study
This study is significant as it examines the crucial role of integrated fiscal policies in managing Nigeria’s public debt. By addressing coordination challenges, the research offers actionable recommendations to promote fiscal sustainability and enhance economic stability (Okoro, 2024; Adeyemi, 2023; Balogun, 2025).
Scope and Limitations of the Study
This study is limited to investigating the impact of integrated fiscal policies on public debt management in Nigeria. It focuses solely on fiscal policy coordination and its influence on debt dynamics.
Definitions of Terms
• Integrated Fiscal Policies: Coordinated fiscal strategies that combine tax, spending, and borrowing practices.
• Public Debt Management: The process of overseeing a country’s debt to ensure fiscal sustainability.
• Fiscal Sustainability: The ability of a government to sustain its current spending, tax, and debt policies over the long term.
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