Economic and Financial Review


Central Bank of Nigeria


economic growth, nonlinear, non-oil revenue, oil revenue, sustainability


This study utilises the linear and nonlinear autoregressive distributed lag (ARDL) models to investigate the impact of public debt sustainability measures and its growth implications for the Nigerian economy from 1981 and 2021. The results suggest that public debt-to-oil revenue ratio (PDOR) has a significantly negative effect on economic growth both in the long- and short-run. It also shows that public debt-to-non-oil revenue ratio has an asymmetric effect in the short-run and a positive relationship on economic growth in the long-run. The study concludes that economic growth needs to be enhanced through improved government non-oil revenue. Therefore, to bolster economic growth, the Nigerian government needs to improve revenue generation through non-oil industry by encouraging private investments and widening the tax net.

Author Bio

Gobna, O. W., and Usman, G., are staff in the Department of Economics, Faculty of Social Science, University of Abuja, Abuja, while Mohammed, S. S., is a staff in the Department of Economics, Faculty of Social Science, Prince Abubakar Audu University, Anyigba, Kogi state

Publication Title

CBN Economic and Financial Review





First Page


Last Page



F34; F40; F43; H63

Recommended Citation

Gobna, O. W., Usman, G., and Mohammed, S. S. (2022). Public Debt Sustainability Measures and Its Growth Implications for the Nigerian Economy. CBN Economic and Financial Review, 60(2). 27 - 53.



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