An assessment of government debt management and economic stability in Nigeria: A study of fiscal policies
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Background of the study :
Government debt management is a fundamental aspect of fiscal policy, influencing economic stability and long-term growth. In Nigeria, effective management of public debt is critical due to the country’s reliance on oil revenues and the resultant budgetary fluctuations (Olufemi, 2023). The government’s strategies for managing debt, including borrowing, refinancing, and debt servicing, directly affect macroeconomic stability, investor confidence, and overall economic performance (Ibrahim, 2024). Recent studies have shown that poorly managed debt can lead to fiscal deficits, inflation, and reduced public investment in critical sectors such as education and infrastructure (Adewale, 2025). This research investigates how government debt management policies in Nigeria contribute to economic stability, exploring the challenges and opportunities inherent in current fiscal practices. By analyzing both quantitative debt data and qualitative policy reviews, the study aims to provide a comprehensive evaluation of the link between public debt management and economic stability, thereby offering recommendations for improved fiscal discipline and sustainable economic growth (Olufemi, 2023; Ibrahim, 2024).
Statement of the problem
Despite efforts to manage public debt, Nigeria continues to experience economic instability characterized by inflationary pressures, fiscal deficits, and reduced public investment (Adewale, 2025). The challenges in debt management stem from inefficient borrowing practices, lack of transparency, and inadequate policy frameworks. These issues undermine investor confidence and limit the government’s ability to finance development projects effectively. There is a critical need to examine how current debt management strategies are impacting economic stability and to identify the factors that contribute to fiscal vulnerabilities. This study seeks to bridge the gap by critically assessing the effectiveness of debt management policies and their direct implications for economic stability in Nigeria (Olufemi, 2023).
Objectives of the study:
- To analyze the impact of government debt management on economic stability in Nigeria.
- To identify inefficiencies in current debt management practices.
- To propose policy recommendations for improved fiscal discipline.
Research questions:
- How does government debt management affect economic stability in Nigeria?
- What inefficiencies exist in the current debt management framework?
- What measures can improve the management of public debt?
Research Hypotheses:
- Effective debt management is positively correlated with economic stability.
- Inefficient debt practices lead to fiscal vulnerabilities.
- Policy reforms can significantly enhance debt management outcomes.
Significance of the study
This study is significant as it examines the pivotal role of government debt management in ensuring economic stability in Nigeria. The findings provide a critical analysis of existing fiscal policies and identify areas for improvement, offering valuable insights for policymakers and financial institutions. The research contributes to academic debates on fiscal discipline and supports the development of sustainable debt management strategies that can foster long-term economic growth (Olufemi, 2023).
Scope and limitations of the study:
This study is limited to the assessment of government debt management and its impact on economic stability in Nigeria only.
Definitions of terms:
- Government Debt Management: The process of planning and executing strategies to handle public debt.
- Economic Stability: A state of steady growth with low inflation and minimal economic volatility.
- Fiscal Policies: Government policies related to taxation, spending, and borrowing.
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