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All Journal Daengku: Journal of Humanities and Social Sciences Innovation ARRUS Journal of Social Sciences and Humanities
Elom, Joseph
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Religion Humanities Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Burden of Public Debt as a Constraint on Nigeria’s Economic Development Nwokoye, Queendaline; Awa, Felix; Elom, Joseph
Daengku: Journal of Humanities and Social Sciences Innovation Vol. 5 No. 4 (2025)
Publisher : PT Mattawang Mediatama Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35877/454RI.daengku4274

Abstract

The study examined the effect of public debt on the economic development of Nigeria, with the specific objectives of assessing the effect of domestic debt, foreign debt, and debt service on the Human Development Index (HDI). The study adopted an ex-post facto research design, focusing on historical data covering the period from 1999 to 2023. Secondary data were collected from the Central Bank of Nigeria Statistical Bulletin, Debt Management Office reports, National Bureau of Statistics, and United Nations Development Programme reports. Ordinary Least Squares regression was employed in testing the hypotheses. The findings revealed that: domestic debt has a negative but non-significant effect on human development index of Nigeria (β = -0.019818, p = 0.7724); foreign debt has a positive and significant effect on human development index of Nigeria (β = 0.203998, p = 0.0425); debt service has a negative and significant effect on human development index of Nigeria (β = -4.678274, p = 0.0005). In conclusion, regardless of the developmental potential of borrowed funds, the continuous outflow of financial resources in the form of debt servicing erodes gains by limiting the government’s fiscal space to sustain improvements in living standards. The study recommends that lawmakers should prioritize enacting fiscal policies and frameworks that reduce the debt servicing burden by tightening borrowing limits and scrutinizing loan approvals, thereby preventing the diversion of scarce national resources from development-driven programs to excessive debt repayment obligations.
The Future of Nigeria’s Economic Development: Implication of Domestic Debt Dynamics Ikwor, Uwakwe; Elom, Joseph; Ikwuo, Ama; Nworie, Gilbert
ARRUS Journal of Social Sciences and Humanities Vol. 5 No. 6 (2025)
Publisher : PT ARRUS Intelektual Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35877/soshum4299

Abstract

The study examined the effect of domestic debt on economic development in Nigeria. Specifically, the study examined the effect of ways and means loan, treasury bills and treasury bond on human development index. The research adopted ex-post facto research design. Secondary data were collected from Debt Management Office, National Bureau of Statistics and Central Bank of Nigeria Statistical Bulletin spanning from 2000 to 2023. The econometric technique of Dynamic Least Squares, Augmented Dicky Fuller, Unit Root Test, and Johansen Co-integration test were employed in the data analysis. It was found that ways and means loans and treasury bonds have significant positive effect on economic development in Nigeria while treasury bills have a negative but non-significant effect on economic development in Nigeria. By implication, when long-term debt instrument is properly utilized, it brings about positive development. Therefore, the study recommended that the National Assembly must take its oversight responsibilities more seriously and ensure that Ways and Means loans are strictly allocated to productive, growth-enhancing expenditures. This is essential to avoid fueling inflation and triggering macroeconomic instability. Strengthening fiscal discipline through vigilant oversight will help safeguard the economy while promoting sustainable development.
Co-Authors Awa, Felix Ikwor, Uwakwe Ikwuo, Ama Nwokoye, Queendaline Nworie, Gilbert