This is the kind of debt is the accumulated financial obligation which is owed to major financial institutions through the issuance of treasury bonds,
Published in Chapter:
Public Debt, Cloud Computing Technology, and Leadership Crisis in the 21st Century: The Role of ICT in Nigeria's Finance Sector
Christian Ugwueze Amu (Federal University of Technology, Owerri, Nigeria), Nathaniel Chinedum Nwezeaku (Federal University of Technology, Owerri, Nigeria), Linus Eze Akujuobi (Federal University of Technology, Owerri, Nigeria), Benedict Anayochukwu Ozurunba (Federal University of Technology, Owerri, Nigeria), Sharon Nanyongo Njie (Southern University and A&M College, USA), Ikedinachi Ayodele Power Wogu (Rhema University Nigeria, Aba, Nigeria), and
Sanjay Misra (Covenant University, OTA, Nigeria)
Copyright: © 2021
|Pages: 16
DOI: 10.4018/978-1-7998-5083-0.ch006
Abstract
Recent literature on the economies of developed and developing nations identify a rise in the records of public debts which most industrialized nations continue to acquire for the purpose of sustaining their economies. Consequently, Nigeria, in 2017, recorded alarming public debts of N19.16trn, representing 10.37% ratio of debt-to-GDP. These figures, scholars infer, explain the disturbing degree of decay inherent in major government infrastructures. Adopting the ‘debt overhanging theory', Marilyn's ex-post facto research design, and Creswell's mix-method research approaches, the authors interrogate arguments posited for or against public debt management with a view to proffering ICT and cloud technology as panacea for curbing the alarming rise in the cases of public debt crisis and the leadership crisis raging in the countries under review. A high degree of political rascality among the ruling elite and the lacking of viable ICT-oriented public debt management tools among African polities were observed. A re-orientation of the ruling class with ICT techniques was recommended.