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ABSTRACT
Most countries find it difficult to be debt free coupled with enormous public expenditure in financing projects. This study focused on the impact of external debt and public expenditure on economic growth in Nigeria. The Ordinary Least Squares Method was used to investigate the relationship between Gross Domestic Product Growth Rate as the dependent variable and External Debt, Public Expenditure, Inflation, Population Growth Rate, and Trade Openness. Employing secondary data from the statistical bulletin of Central Bank of Nigeria and World Bank Indicator for the period of 1981-2022 ( 42 years).The aim of this study was to investigate the impact of external debt on economic growth in Nigeria and to estimate the impact of public expenditure on the economic growth in Nigeria. The results of this study concluded that external debt was found to have a positive significant impact on economic growth in Nigeria and public expenditure was not significant. The study recommended that, developing a comprehensive debt management strategy that prioritizes external debt sustainability and risk mitigation, proper allocation of resources to critical sectors to promote long-term economic growth, and regular review and update of economic models to ensure proper evaluation and implication of economic variables for policy making. This would offset economic growth in Nigeria if they are channelled properly.
