CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY
Debt operationally, is defined as the Obligations owned by one country to another country, denominated in either local and /or foreign currency only or in
both, comprising both domestic and external obligations (DMO,2002). Debt management in Nigeria refers to the technical as well as the institutional
arrangements involved in organizing both domestic and the external liabilities so that the debt service burden is maintained/contained witching a
sustainable level (Omoruyi, 2000). Debt portfolio of Nigerian government is usually the largest financial portfolio in a country. It oen contains complex
financial structures and can create substantial balance sheet risk for the government. Large and poorly structured debt portfolio also makes governments
move vulnerable to economic and financial shocks and have oen
been a major factor in economic crisis (IMT, 2004). Together with overall macroeconomic
policy debt management policy plays an important role in ensuring and maintaining long-term debt sustainability. Appreciating the significant role that
public debt management can play in helping countries or nations cope with economic and financial shocks. The International Monetary and Financial Committee (IMFC) has requested that sta from the international Monetary Fund (IMF) and the World Bank Work together in cooperation with national debt managements experts to develop a set of guidelines on public debt management to assist countries in their sorts to reduce financial vulnerability. The IMFC’S request which was endorsed by the financial stability forum in the year 2000,
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