Analytical Study of the Legal Framework for Public Debt Management and Constitutional Limits on Borrowing in Nigeria

Nigeria's rising public debt profile, which reached approximately 121 trillion naira by 2024, raises significant constitutional law questions about the adequacy of the legal framework for debt management, the constitutional limits on federal and state borrowing, and the role of the National Assembly and state legislatures in authorising and overseeing public debt. The Fiscal Responsibility Act 2007 and the Debt Management Office Establishment Act provide statutory frameworks for debt governance, yet their enforcement has been widely criticised. This study analytically examines the constitutional and statutory framework governing public debt management in Nigeria, evaluating constitutional limits on borrowing, the roles of the Fiscal Responsibility Act and the DMO, National Assembly oversight of debt, and compliance with international debt sustainability standards. A doctrinal methodology is applied, reviewing the 1999 Constitution Sections 80 to 90 on public finance, the Fiscal Responsibility Act 2007, the DMO Act, appropriation acts from 2018 to 2023, National Assembly public accounts committee reports, and comparative analysis from South Africa's Public Finance Management Act 1999. The study evaluates whether the statutory framework for public debt management provides adequate constraints on executive borrowing and fiscal transparency. Available public finance law literature from Nigeria identifies absence of binding debt ceilings, inadequate disclosure of Eurobond terms, and National Assembly post-facto ratification of loans as the most analytically significant constitutional concerns. The Fiscal Constitutionalism Theory and IMF Debt Sustainability Framework provide the normative reference. Findings support recommendations for a Fiscal Responsibility Act amendment. Keywords: public debt management, fiscal responsibility, constitutional law, Debt Management Office, Nigeria.