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Debt Relief: Implication for the Nigerian Economy: An Empirical Analysis |
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PP: 67-83 |
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doi:10.18576/ijye/020106
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Author(s) |
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Umar Musa,
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Abstract |
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| The focus of the research is to examine the effect of debt relief and its implication on Nigerian economy for the period of 1970 to 2015 using time series analysis. It is from this point of view that we believe that the debt relief now offers the country a lifetime opportunity to be its own economic and richer master with the liberty to formulate and implement only those economic policies that would enhance accelerated growth and sustainable development. The strived to reposition Nigeria economically and make it take its rightful place in the comity of nations is now clarified and given a positive definition. The country now stands the chance of achieving macroeconomic stability, as it would no longer be hampered by the burden of debt service. More money would now be available to the federal and state governments to pursue meaningful economic policies. On their part, Nigerians are now exceedingly justified to put their governments to task. They now have more reasons not to tolerate excuses from the various tiers of government over the poor nature of the infrastructures in their various domains. The empirical results reveal that external debt and domestic are on high side therefore has important implication in Nigerian economy. Given the negative relationship of economic growth and debt relief, the study strongly recommends that Government must ensure that debt collected are fully diverted to finance capital projects especially in the area of transportations, electricity, and education, this will enhanced and proved private sectors development thereby reducing poverty and inequality. |
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