State Debt Management in Nigeria : Challenges and Lessons Learned

Razlog, Lilia ; Lee, Yue Man ; Li, Ying ; Garron Bozo, Jaime

World Bank, Washington, DC

关键词: DEBT;    DEBT MANAGEMENT;    SUBNATIONAL DEBT MANAGEMENT;    DEBT MANAGEMENT PERFORMANCE ASSESSMENT;    PUBLIC DEBT;   

RP-ID  :  148017

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Drawing on the results of recentstate-level debt management performance assessments (SNDeMPAs) in seven Nigerian states and the Federal CapitalTerritory, the paper highlights key institutional andcapacity challenges in state debt management in the contextof the Nigerian fiscal federalism system. It also provides acomparison of subnational debt management practices ofselected Nigerian and Indian states. The analysis highlightsthe important role of the central government in thesuccessful implementation of subnational debt managementfunctions within fiscally decentralized system, inparticular by: (i) establishing a sound legal framework forsubnational borrowing and defining key parameters for stateindebtedness; (ii) establishing, standardizing, andmonitoring state-level debt-management procedures, systems,and institutions; and (iii) building the capacity ofsubnational authorities along the entire cycle of debtmanagement, including for debt management strategyformulation, borrowing plans, debt contracting, recordingand reporting. While this paper focuses on state-level debtmanagement in Nigeria, it is designed to contribute to theongoing dialogue on international sound practices forsubnational debt management and implementation of fiscaldecentralization in developing countries.