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PUBLIC DEBT AND ECONOMIC GROWTH IN NIGERIA: A COMPARATIVE ANALYSIS OF THE MILITARY AND CIVILIAN ERA
Abstract
The paper is aimed at examining the impact of public debt on economic growth and compare its impact during the military era with the civilian era. Ordinary Least Square (OLS) regression technique was adopted to examine the relationship, while Chow Test of structural change was used to compare the military and civilian era. Public debts during the military regimes tend to impact more on economic growth than during the civilian regimes. Proper utilization, especially for infrastructure of the borrowed fund is more likely to contribute to economic growth more than the strict processes and procedures.
Keywords: Public debts, economic growth, Nigeria, military era, civilian era.