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ABSTRACT
Rising global interest rates, combined with Nigeria's growing debt burden, are pointing to a new debt crisis that may not be far away (Graham & Islam, 2020). Unsustainable public debt is clearly inhibiting investment and slowing growth in Nigeria, diminishing the country's global competitiveness and making financial markets more vulnerable to global shocks (Ogbonna, 2019). Debt sustainability can be explained using either the debt to GDP or debt service to revenue ratio, according to statistics. Nigeria's debt to GDP ratio is projected to be under 22%,(CBN) one of the lowest in the world and significantly lower than that of most emerging markets. With Nigeria’s total public debt below 30% of GDP, the country’s debt burden appears to be relatively light compared with many other countries.
