International records / OpenAlex research

Borrowing and National Debts - The Nigerian Experience

An issue of concern which the Nigeria government must study and know its various ramifications is that of debt. Government should borrow for reasons of economic compulsion or for furthering economic and social development and not for the sake of borrowing. Nigeria, like most Third-World countries, is tied to the debt trap to the extent that she is spending all her foreign exchange earnings on debt servicing. Now that Nigeria has had 60 percent debt relief, efficient management of the proceeds, future borrowing and debt projects is very essential for her growth and development.