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ABSTRACT
Using annual time series data from 1981 to 2020, this study examines the long and short-run impacts of external debt relationship between public debts, institution and economic growth in Nigeria. A growth model function was designed and estimated utilizing disaggregated components of public debts, a proxy of institution, and a control variable (interest rate) to accomplish this objective. Projects financed through government external and internal borrowing should be thoroughly evaluated in the face of rising interest rate and exchange rate, with their technical feasibility, financial viability, and economic attractiveness determined before funds are committed. This would aid in the restoration of financial discipline and the reduction of external and internal debts misappropriation and inefficiency.
