Impact of National Debt Burden on Economic Stability in Nigeria

Abdullahi, M. M., Bakar, N. A., & Hassan, S. B. (2016). Debt Overhang versus Crowding-Out Effects: Understanding the Impact of External Debts on Capital Formation in Theory. International Journal of Economics and Financial Issues, 6(1), 271–278. Search in Google Scholar

Akram, N. (2013). Empirical Examination of Debt and Growth Nexus in South Asian Countries. Asia-Pacific Development Journal, 20(2), 29–52. https://doi.org/10.18356/0cbbc6e3-en10.18356/0cbbc6e3-en Search in Google Scholar

Anning, L., Ofori, C. F., &Affum, E. K. (2016). The Impact of Government Debt on the Economic Growth of Ghana: A Time Series Analysis from 1990–2015. International Journal of Innovation and Economic Development, 2(5), 31–39. https://doi.org/10.18775/ijied.1849-7551-7020.2015.25.200410.18775/ijied.1849-7551-7020.2015.25.2004 Search in Google Scholar

Balago, G. S. (2014). An Empirical Analysis of the Relationship between Government External Borrowings and Economic Growth in Nigeria. International Journal of Finance and Accounting, 3(4), 235–243. https://doi.org/10.5923/j.ijfa.20140304.03 Search in Google Scholar

Central Bank of Nigeria. (2019). Central Bank of Nigeria Statistical Bulletin, 30, 1981–2019 [statistics]. Retrieved from https://www.cbn.gov.ng/documents/statbulletin.asp Search in Google Scholar

Csaba, C., & Gabriella, C. (2017). Indicators Used for the Assessment of the Reserve Adequacy of Emerging and Developing Countries – International Trends in the Mirror of Theories. Financial and Economic Review, Central Bank of Hungary, 16(1), 5–45. Search in Google Scholar

Cunningham, R. T. (1993). The Effects of Debt Burden on Economic Growth in Highly Indebted Nations. Journal of Economic Development, 18(1), 115–126. Search in Google Scholar

Daka, L., Kapena, S., Fandamu, H., & Phiri, C. (2017). The Impact of External Debt on Zambia’s Economic Growth: AnARDL Approach. Journal of Economics and Sustainable Development, 8(8), 55–68. Search in Google Scholar

Dickey, D. A., & Fuller, W. A. (1979). Distribution of Estimators for Autoregressive Time Series with a Unit Root. Journal of the American Statistical Association, 74(366), 427–431. https://doi.org/10.2307/228634810.2307/2286348 Search in Google Scholar

Didia, D., & Ayokunle, P. (2020). External Debt, Domestic Debt and Economic Growth in Nigeria. Advances in Economics and Business, 8(2), 85–94. https://doi.org/10.13189/aeb.2020.08020210.13189/aeb.2020.080202 Search in Google Scholar

Dritsaki, C. (2013). Causal Nexus between Economic Growth, Exports and Government Debt: The Case of Greece. International Conference on Applied Economics (ICOAE) Procedia Economics and Finance, 5, 251 – 259. https://doi.org/10.1016/S2212-5671(13)00031-210.1016/S2212-5671(13)00031-2 Search in Google Scholar

Egbetunde, T. (2012). Public Debt and Economic Growth in Nigeria: Evidence from Granger Causality. American Journal of Economics, 2(6), 101–106. https://doi.org/10.5923/j.economics.20120206.0210.5923/j.economics.20120206.02 Search in Google Scholar

Ekperiware, M. C., & Oladeji, S. I. (2012). External Debt Relief and Economic Growth in Nigeria. American Journal of Economics, 2(7), 195–205. https://doi.org/10.5923/j.economics.20120207.0510.5923/j.economics.20120207.05 Search in Google Scholar

Ezema, C. A., Nwekwo, N. M., & Agbaji, B. C. (2018). Impact of External Debt and Its Services Burden to Economic Growth in Africa: Econometric Evidence from Nigeria. International Journal of Academic Research in Economics and Management Sciences, 7(3), 232–250. https://doi.org/10.6007/IJAREMS/v7-i3/464310.6007/IJAREMS/v7-i3/4643 Search in Google Scholar

Gomez-Puig, M., & Sosvilla-Rivero, S. (2015). Short-Run and Long-Run Effects of Public Debt on Economic Performance: Evidence from EMU Countries (RIAE Working Paper 1/37). Research Institute of Applied Economics. https://doi.org/10.2139/ssrn.266011710.2139/ssrn.2660117 Search in Google Scholar

Hussain, E., Haque, M., & Igwike, R. S. (2015). Relationship between Economic Growth and Debt: An Empirical Analysis for Sub-Saharan Africa. Journal of Economics and Political Economy, 2(2), 262–275. Search in Google Scholar

Ijirshar, V. U., Joseph, F., & Godoo, M. (2016). The Relationship between External Debt and Economic Growth in Nigeria. International Journal of Economics and Management Sciences, 6(1), 1–5. https://doi.org/10.4172/2162-6359.100039010.4172/2162-6359.1000390 Search in Google Scholar

Iyatse, G. (2020). Nigeria’s Debt Profile Hits ₦31 Trillion. Retrieved January 10, 2020, from https://guardian.ng/news/nigerias-debt-profile-hits-n31-trillion/ Search in Google Scholar

Njoroge, L.W.N. (2020). Impact of Kenya’s Public Debt on Economic Stability. Walden Dissertations and Doctoral Studies, 8963. Retrieved from https://scholarworks.waldenu.edu/dissertations/8963 Search in Google Scholar

Nwali, A., & Nwede, F. (2016). Aggregate Public Debt Burden and Growth of a Fragile Economy: The Nigerian Experience. IOSR Journal of Economics and Finance, 7(2), 46–57. https://doi.org/10.9790/5933-0702024657 Search in Google Scholar

Ochuko, A. S., & Idowu, E. (2019). Effect of Public Debt on Economic Growth in Nigeria: An Empirical Analysis. International Journal of Business and Economic Development, 7(2), 10–17. Search in Google Scholar

Ogunlana, O. A. (1995). Nigeria and the Burden of External Debt: The Need for Debt Relief. Central Bank of Nigeria (CBN). Retrieved September 4, 2016, from https://g24.org/wp-content/uploads/2016/01/Session-1_5-6.pdf Search in Google Scholar

Omodero, C. O. (2019). External Debt Financing and Public Capital Investment in Nigeria: A Critical Evaluation. Economics and Business, 33, 111–126. https://doi.org/10.2478/eb-2019-000810.2478/eb-2019-0008 Search in Google Scholar

Onyele, K. O., & Nwokoacha, E. B. (2016a). Sources of Public Funds and Economic Prosperity: The Nigerian Case. Journal of Business and Financial Affairs, 5(4), 1–8. https://doi.org/10.4172/2167-0234.100021510.4172/2167-0234.1000215 Search in Google Scholar

Onyele, K. O., & Nwokocha, E. B. (2016b). Influence of Capital Flight on Budget Implementation in Nigeria. Scientific Papers Series Management, Economic Engineering in Agriculture and Rural Development, 16(4), 247–256. Search in Google Scholar

Oti, P. A., Odigbo, B. E., & Odey, F. I. (2016). Nigeria’s Debt Burden and Development Tangle: The Socio-Economic and Political Implications. Journal of Economics and Sustainable Development, 7(20), 92–101. Search in Google Scholar

Pesaran, M., Shin, Y., & Smith, R. (2001). Bounds Testing Approaches to the Analysis of Level Relationships. Journal of Applied Econometrics, 16(3), 289–326. https://doi.org/10.1002/jae.61610.1002/jae.616 Search in Google Scholar

Price Waterhouse Cooper (2020). Nigeria Economic Alert: X-Raying the 2020 Federal Government of Nigeria Budget Proposal. Retrieved January 10, 2021, from www.pwc.com Search in Google Scholar

Sachs, J. (1989). The Debt Overhang of Developing Countries. In G. Calvo, R. Findlay, P. Kouri and J. Macedo (Eds.), Debt, Stabilization and Development: Essays in Memory of Carlos Diaz Alejandro (pp. 80–102). Basic Blackwell. Search in Google Scholar

Saifuddin, M. (2016). Public Debt and Economic Growth: Evidence from Bangladesh. Global Journal of Management and Business Research: Economics and Commerce, 16(5), 65–73. Search in Google Scholar

Saungweme, T., & Odhiambo, N. M. (2020). The Impact of Domestic and Foreign Public Debt on Economic Growth: Empirical Evidence from Zimbabwe. International Journal of Economics, 73(1), 77–106. Search in Google Scholar

Todaro, P. M., & Smith, S. C. (2006). Economic Development (9th ed.). Pearson Education. Search in Google Scholar

Udoh, B. E., Ekeowa, L. K., Okechukwu, I. S., Obiora-Okafor, C. A., & Nwonye, A. C. (2020). Effect of International Debt Burden on Economic Growth in Nigeria. Humanities and Social Sciences Letters, 8(2), 133–144. http://dx.doi.org/10.18488/journal.73.2020.82.133.14410.18488/journal.73.2020.82.133.144 Search in Google Scholar

Were, M. (2001). The Impact of External Debt on Economic Growth in Kenya: An Empirical Assessment. UNU-WIDER Research Paper, No. 116. Search in Google Scholar

World Bank. (2020). International Debt Statistics. World Bank Debtor Reporting System; International Monetary Fund; and Bank for International Settlements. Search in Google Scholar

World Bank. (n. d.). World Development Indicators. Retrieved from http://data.worldbank.org/data-catalog/world-development-indicators Search in Google Scholar

Zaheer, S., Khaliq, F., & Rafiq, M. (2019). Does Government Borrowing Crowd-Out Private Sector Credit in Pakistan. Journal of Finance & Economics Research, 4(2), 30–41. https://doi.org/10.20547/jfer190420310.20547/jfer1904203 Search in Google Scholar