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ABSTRACT
The study examined the impact of public debt on Nigeria economic growth from the period of 1981 to 2021. Specifically, the study examined the impact of external debt on Nigeria economic growth; ascertain the effect of domestic debt on Nigeria economic growth, investigated the influence of external debt servicing on Nigeria economic growth and examine the influence of domestic debt servicing on Nigeria economic growth, while trying to find the effect of corruption and exchange rate. The ex-post facto research design was adopted. Data for the study was gotten from Central Bank of Nigeria statistical bulletin, Debt Management Office, and Transparency International. The study employed the Error correction model regression to test the hypotheses of the study. The result of the inferential statistics revealed that external debt negatively affects Nigeria economic growth. Secondly, the study revealed that domestic debt has positive impact on Nigeria economic growth. Furthermore, it was found that external debt servicing has no impact on Nigeria economic growth; while domestic debt servicing has negative influence on Nigeria economic growth. The study concluded that public debt has significant impact on Nigeria economic growth. The study recommended that the federal government should reduce the extent of borrowing from external sources because it negatively affects economic growth in Nigeria and source fund internally to stimulate economic growth and development.
