This study investigates the impact of borrowing and corruption on inflation in Nigeria. with annual time series data over the period 1990 to 2022 obtained from CBN statistical bulletin 2022, World Bank Economic Outlook 2022 were employed. This study employed two distinct analytical techniques namely the Error Correction technique. The results indicate that external debt could result in inflation or reduce inflation depending on the prevailing economic condition. On the other hand, domestic debt has a positive influence on the country’s inflationary woes as increase in domestic debt produces increase in inflation. Also the study finds that corruption increase the cost of goods and services and external debt could result in inflation or reduce inflation depending on the prevailing economic condition. The findings also show that domestic debt has a positive impact on inflation as such, increase in domestic debt increase in inflation. The recommends that in order to reap the benefits of foreign debt and reduce the debt load, the Nigerian government must secure political and economic stability and additionally, the nation’s ongoing democracy and the battle against corruption should be maintained.