AN EVALUATION OF NIGERIAN DEBT CRISIS IN THE DEVELOPMENT OF THE ECONOMY

Abstract

This paper tries to reveal how Debt Crisis has Underdeveloped the socio- economy of Nigeria in other to examine the relationship between the weak economy and the failure of debt management planers of the national economy, the cases of debt crisis and the adoption of debt payment option has its account for persistent poverty in developing societies. The method of analysis is explanatory, descriptive and analytical, the paper, reasoned along the theoretical foundation of the dependency and modernization theorist, while the paper adopted the theory of past colonial state in the discussion. Thus it was recommended that there should be a restructuring of the International economic system that is largely responsible for the debt crisis in Africa before there could be genuine structural reforms in the debtor countries because the two are mutually sustaining. The paper tried to discover the origin of Nigeria’s debt crisis, its causes and consequences, especially looking at the efforts and contributions made by the various administrations to resolve Nigerian debt crisis.