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Public Debt Policy and Management in Nigeria 1965-1983: A Critical Appraisal

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  • Mbat, David Okon

Abstract

Poor management of economic resources has given rise to a consistent increase in the dimension of public debt in Nigeria. Inflated contracts, inefficiently-managed public enterprises, and the absence of an appropriate maintenance culture are some of the contributing factors to budgetary deficit. However, there is no consistent relationship between budgetary deficits and public debt. Public debt policy objective remained cost minimization sustained by official interest rate administration. Low returns on goverment debt instruments have induced the Central Bank of Nigeria to be a major absorber of such instruments. Moreover, the average maturity of public debt instruments is mostly short-term.

Suggested Citation

  • Mbat, David Okon, 1988. "Public Debt Policy and Management in Nigeria 1965-1983: A Critical Appraisal," Public Finance = Finances publiques, , vol. 43(3), pages 403-413.
    • Handle: RePEc:pfi:pubfin:v:43:y:1988:i:3:p:403-13
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