Politics of external debt and millennium development goals: a case study of Nigeria(2000-2015)

Abstract: Foreign aid is considered as a significant source of income for many developing countries. Countries that were facing current account deficit in the 1950s were encouraged to borrow from international financial institutions to boost their economic growth. However, such borrowing created a g...

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Main Authors:	Moniruzzaman, Md., Mikail, Shafiu Yahya
Format:	Article
Language:	English English
Published:	Medwell Journals 2016
Subjects:	HC Economic History and Conditions
Online Access:	http://irep.iium.edu.my/45866/ http://irep.iium.edu.my/45866/ http://irep.iium.edu.my/45866/ http://irep.iium.edu.my/45866/1/Politics_of_External_Debt_and_MDG.pdf http://irep.iium.edu.my/45866/3/45866_Politics%20of%20external_scopus.pdf

id	iium-45866
recordtype	eprints
spelling	iium-458662017-01-18T08:26:29Z http://irep.iium.edu.my/45866/ Politics of external debt and millennium development goals: a case study of Nigeria(2000-2015) Moniruzzaman, Md. Mikail, Shafiu Yahya HC Economic History and Conditions Abstract: Foreign aid is considered as a significant source of income for many developing countries. Countries that were facing current account deficit in the 1950s were encouraged to borrow from international financial institutions to boost their economic growth. However, such borrowing created a great obstruction to the economic growth of many developing countries today due to high obligations on external debt. Like many developing countries, Nigeria has been living under horrific debt burden. Servicing this debt has cost the country an average of $2.0 billion annually. This, study aims to examine Nigeria’s external debt and its impact in realizing Millennium Development Goals (MDGs). The central argument of this study is that external debt has severely limited the ability of the government to devote recourses into the MDGs. The negative impact of external debt is measured by comparing the annual debt service with the ratio of government expenditure in eight MDGs, whereby it shows that Nigeria’s government has not been able to allocate sufficient resources towards the realization of MDGs due to its obligation to channel a substantial percentage of its GDP to meet external debt service. Medwell Journals 2016 Article PeerReviewed application/pdf en http://irep.iium.edu.my/45866/1/Politics_of_External_Debt_and_MDG.pdf application/pdf en http://irep.iium.edu.my/45866/3/45866_Politics%20of%20external_scopus.pdf Moniruzzaman, Md. and Mikail, Shafiu Yahya (2016) Politics of external debt and millennium development goals: a case study of Nigeria(2000-2015). International Business Management, 10 (4). pp. 523-533. ISSN 19935250 http://medwelljournals.com/abstract/?doi=ibm.2016.523.533 10.3923/ibm.2016.523.533
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HC Economic History and Conditions
spellingShingle	HC Economic History and Conditions Moniruzzaman, Md. Mikail, Shafiu Yahya Politics of external debt and millennium development goals: a case study of Nigeria(2000-2015)
description	Abstract: Foreign aid is considered as a significant source of income for many developing countries. Countries that were facing current account deficit in the 1950s were encouraged to borrow from international financial institutions to boost their economic growth. However, such borrowing created a great obstruction to the economic growth of many developing countries today due to high obligations on external debt. Like many developing countries, Nigeria has been living under horrific debt burden. Servicing this debt has cost the country an average of $2.0 billion annually. This, study aims to examine Nigeria’s external debt and its impact in realizing Millennium Development Goals (MDGs). The central argument of this study is that external debt has severely limited the ability of the government to devote recourses into the MDGs. The negative impact of external debt is measured by comparing the annual debt service with the ratio of government expenditure in eight MDGs, whereby it shows that Nigeria’s government has not been able to allocate sufficient resources towards the realization of MDGs due to its obligation to channel a substantial percentage of its GDP to meet external debt service.
format	Article
author	Moniruzzaman, Md. Mikail, Shafiu Yahya
author_facet	Moniruzzaman, Md. Mikail, Shafiu Yahya
author_sort	Moniruzzaman, Md.
title	Politics of external debt and millennium development goals: a case study of Nigeria(2000-2015)
title_short	Politics of external debt and millennium development goals: a case study of Nigeria(2000-2015)
title_full	Politics of external debt and millennium development goals: a case study of Nigeria(2000-2015)
title_fullStr	Politics of external debt and millennium development goals: a case study of Nigeria(2000-2015)
title_full_unstemmed	Politics of external debt and millennium development goals: a case study of Nigeria(2000-2015)
title_sort	politics of external debt and millennium development goals: a case study of nigeria(2000-2015)
publisher	Medwell Journals
publishDate	2016
url	http://irep.iium.edu.my/45866/ http://irep.iium.edu.my/45866/ http://irep.iium.edu.my/45866/ http://irep.iium.edu.my/45866/1/Politics_of_External_Debt_and_MDG.pdf http://irep.iium.edu.my/45866/3/45866_Politics%20of%20external_scopus.pdf
first_indexed	2023-09-18T21:05:17Z
last_indexed	2023-09-18T21:05:17Z
_version_	1777410891683201024

Politics of external debt and millennium development goals: a case study of Nigeria(2000-2015)

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