Original Research Article | OPEN ACCESS
Public Debt Burden and Issues of Economic Growth in Nigeria: Are there Solutions?

Ilemona Alfred Sani1 , Nwite Sunday2,

1Accounting Department, Federal University Kashere, Gombe State; 2Business Management Department, Ebonyi State University, Abakaliki.

For correspondence:-  Ilemona Sani   Email: saniilemona@gmail.com

Received: May 11, 2021        Accepted: June 21, 2021        Published: June 30, 2021

Citation: Sani IA, Sunday N, Public Debt Burden and Issues of Economic Growth in Nigeria: Are there Solutions?. Account Tax Rev 2021; 5(2):1-14 doi:

© 2021 The authors.
This is an Open Access article that uses a funding model which does not charge readers or their institutions for access and distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0) and the Budapest Open Access Initiative (http://www.budapestopenaccessinitiative.org/read), which permit unrestricted use, distribution, and reproduction in any medium, provided the original work is properly credited..

Abstract

The study examined the impact of the public debt on the economic growth of Nigeria. The aim was to present the nature, the danger of debt accumulation and strategic solutions to the problem debt incurrence for sustainable growth of the economy. It is an exploratory study that reviewed empirical studies in respect of impact of public debt burden on economies around the world particularly Nigeria the focus of the study. It was found from the review that borrowing has impacted negatively on the growth of Nigerian economy. Diversification of the nation’s economy from oil to non-oil sector, creation of conducive environment for businesses to thrive and curbing the menace of financial leakages and corruption are some of the recommendations of the study to reverse the increasing trend of public debt accumulation in Nigeria.

Keywords: Public debt, Sustainable growth, Diversification of economy, financial leakages, Conducive environment.


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