An investigation of determinants of public debt accumulation in Nigeria: A case study of the CBN (2000–2020)
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Background of the Study :
Public debt accumulation is a critical indicator of fiscal health, reflecting the extent to which governments borrow to finance deficits. In Nigeria, the Central Bank of Nigeria (CBN) has been at the center of public debt management between 2000 and 2020. Determinants such as revenue shortfalls, high government expenditures, and inefficient fiscal policies contribute to rising debt levels (Emeka, 2023). Excessive public debt can crowd out private investment, increase borrowing costs, and create long-term economic vulnerabilities (Adeniyi, 2024). This study investigates the determinants of public debt accumulation in Nigeria by analyzing CBN data, fiscal reports, and policy documents. The research adopts a mixed-methods approach, combining quantitative analyses of debt metrics with qualitative insights from fiscal policymakers and economists. The goal is to identify the primary drivers of debt accumulation and assess their economic implications, thereby offering recommendations to improve debt management practices and ensure fiscal sustainability (Chinwe, 2025).
Statement of the Problem
Despite efforts to control public debt, Nigeria continues to experience significant debt accumulation, undermining fiscal stability and economic growth (Emeka, 2023). Inefficient revenue collection and high recurrent expenditures have contributed to mounting debt levels. This study seeks to identify the key determinants of public debt accumulation and examine their economic consequences, addressing the gap between fiscal policy objectives and actual outcomes.
Objectives of the Study:
1. To identify determinants of public debt accumulation.
2. To assess the economic implications of rising public debt.
3. To propose strategies for improved debt management.
Research Questions:
1. What factors drive public debt accumulation in Nigeria?
2. How does rising debt impact economic growth?
3. What policy measures can mitigate debt accumulation?
Research Hypotheses:
1. Inefficient revenue collection increases public debt.
2. High government spending contributes to debt accumulation.
3. Policy reforms can significantly reduce public debt.
Significance of the Study (100 words):
This study is significant as it investigates the determinants of public debt accumulation in Nigeria, offering crucial insights for the CBN and policymakers to refine fiscal strategies. Effective debt management is essential for economic stability and growth, and the findings will contribute to more sustainable fiscal policies (Emeka, 2023).
Scope and Limitations of the Study:
The study focuses on public debt accumulation in Nigeria using CBN data from 2000 to 2020, excluding private debt and international comparisons.
Definitions of Terms:
1. Public Debt Accumulation: The process by which government borrowing increases over time.
2. Fiscal Policy: Government decisions regarding taxation and spending.
3. Debt Sustainability: The ability of a government to manage its debt without external assistance.
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