Government Debt and Social Infrastructural Development in Nigeria (Published)
The study is to determine the effectof Nigeria debtson social infrastructurein Nigeria. This study utilizes ex-post facto research design. Secondary data were used and were extracted from the Nigeria budget annual report from 2002 to 2022. The variables tested were external debt, internal debt, debt service, are independent variables while expenditure on education and expenditure on health are dependent variables. The model is multiple regression analysis used in determining the extent of the effect on expenditure on education and expenditure on health. The relative statistical tool regression was employed for analysis and results obtained. The results of the analyses showed that there was positive (Cf = 0.163238) significant (0.05 < 0.0059) relationship between government external debt and expenditure on education in Nigeria while there was negatively non-significant (Cf = -0.026210; 0.05 > 0.7492) relationship between external debt and expenditure on health in Nigeria. Government internal debt has positive (0.043553) non-significant (0.4556) effect on expenditure on education in Nigeria and internal debt has negative (-0.114673) and non-significant (0.2171) effect on expenditure on health in Nigeria and Growth of Nigeria’s expenditure on education was positively (0.500242) significant (0.0000) effect by debt service fees as well as expenditure on health (Cf = 0.185590; 0.05 > 0.0399). The study recommended thatin order to guarantee that the education sector receives accurate funding allotted, policymakers should develop and put into effect suitable policies that will make the money allocated to it transparent. The government should make sure that only authentic medications and equipment are purchased and maintained, and health officer staff members should be motivated to carry out their duties with efficacy and efficiency. Doing so will significantly boost the amount of health development in the nation and raise productivity. Politicians and other policymakers must make sure that Nigeria’s debt is not taken on for personal gain or political gain, but rather to boost the country’s economy and guarantee that loan payments are made on schedule and in full.
Keywords: Social Infrastructure, external debt and internal debt, government debt