Improved Governance Quality as a Strategy for Addressing Nigeria’s Rising Debt Profile: A Multi-Stakeholder Perspective
Year: 2026
Type: article
Abstract: Rising public debt in Nigeria represents one of the most critical challenges facing the economy today. The alarming pace of both domestic and external debt accumulation poses serious risks to fiscal stability, economic growth, and social welfare. This study meticulously examines the role of governance quality in addressing Nigeria's escalating debt crisis. Utilizing a mixed-methods approach, we combine quantitative analysis of governance indicators and debt statistics with qualitative insights drawn from a diverse group of experts. Our investigation not only looks into how governance quality influences Nigeria's increasing debt profile but also gathers perspectives from policymakers, public finance experts, and academics on the detrimental effects of political patronage and policy inconsistency on effective debt management. Employing robust analytical techniques, including Pearson correlation and ANOVA, our findings reveal a concerning lack of significant correlation between governance quality and debt management in Nigeria. Furthermore, we found no notable differences in the perspectives of various respondent groups regarding the implications of political patronage and policy inconsistency, nor on the potential of improved governance quality to mitigate the looming debt crisis. To address these pressing issues, we strongly recommend the enforcement of good governance principles to protect economic growth and combat corruption. Additionally, it is imperative to implement strict fiscal discipline to ensure sustainable public debt management and promote long-term economic stability. By championing these strategic recommendations, Nigeria can forge a path toward a more resilient and prosperous future.
Author: Sunny Biobele Beredugo
Institution: Margaret Lawrence University
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W7203950682