A CRITICAL ANANLISIS OF THE USE OF FINANCIAL
REPORT IN ASSESSING BANK PERFORMANCE.
(A CASE STUDY UNION BANK OF NIGERIA PLC)

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ABSTRACT

The purpose of this study was to examine banks, on investments and performance appraisal. It was also to ascertain the problems of using financial reports to access performance of banks and finally to determine 17 there’s a relationship between financial reporting and performance evaluation of a bank.

The inductive research method was adopted and the statistical analysts, particularly the chi-square and t-distribution test were used in the analysis of the data collected from the bank.

The findings of the study were that:
1. Source financial statement contained in the financial reports influence investment remarkably in banks.
2. The annual reports do not reflect inflationary effects in the country today.
3. The financial reports were prepared adapting a general purpose nature with the assumption that different user as of the report have different information needs.
The following conclusions ere made:
Although investors and performance evaluation analyst relied on financial statement in their decisions and appraisal, the reliability of financial report especially during inflation cannot be assured owing to the historical cost convention used as a basis for asset valuation by banks. This is because; the profits of an accounting year would not usually show a true figure owing to the courage effect of inflation. Therefore, managerial decision of banks based entirely on financial reports will lend to poor and inadequate decisions.

The recommendations and suggesting made were base wholly on the out come of the study, for example, on the problem inflation, it was recommended that the bank should adopt the current cost accounting basis for its financial reporting ensure credibility and reliability of information, by the various users, given the inflationary relatives.

TABLE OF CONTENT
CHAPTER ONE INTRODUCTION
STATEMENT OF THE PROBLEM
OBJECTIVE OF THE STUDY
RESEARCH QESTIONS
RESEARCH HYPOTHESIS
SIGNIFICANCE OF THE STUDY
SCOPE AND LIMITATION OF THE STUDY
DEFINITION OF TERMS
CHAPTER TWO
REVIEW OF RELATED UTERATURE
HISTORICA BACKGROUND OF UNION BANK OF NIGERIA PLC
THE NEED FOR FINANCIAL REPORTS
THE COMPOSITION OF THE FINANCIAL REPORTS
THE CHIAIRMANS REPORTS
THE DIRECTORS REPROT
THE AUDITORS REPORT
THE FINANCIAL STATEMENT

2.4 VARIOUS USERS OF FINANCIAL REPORTS AND THEIR
INFORMATION NEEDS
2.4.1 SHAREHOLDERS
2.4.2 LONG-TERM CREDITORS
2.4.3 SHORT-TERM CREDITORS
2.4.4 TAX AUTHORITIES AND GOVERNMENT
2.4.5 EMPLOYEES AND TRADE UNIONS
2.4.6 MANAGEMENT
2.4.7 ANANLYSISADVISES
2.5 FINANCIAL REPORTING BY BANKS
2.5.1 INTRODUCTION
2.5.2 THE PRUDENTIAL GUIDELINES
2.6 PERFORMANCE EVALUATION IN THE BANKING
INDUSTRY
2.6.1 EFFICIENCY AND PROFITABLITY
2.6.2 POTENCIAL AND ACTUAL GROWTH
2.6.3 LOANS AND ADVANCES
CHAPTER THREE
RESEARCH DESIGN AND METHODOLOGY
RESEARCH DESIGN
SOURCES OF DATA
3.2.1 PRIMARY SOURCES
3.2.2 SECONDARY SOURCES
3.3 POPULATION OF THE STUDY
3.4 MATHOD OF DATA PRESENTATION

3.5 METHODS OF DATA ANALYSIS

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS
DATA ANALYSIS TECHNIGUES
TEST OF HYPOTHESISI

CHAPTE FIVE
FINDINGS, RECOMMENDATIONS ANS CONCLUSIONS FINDINGS
RECOMMENDATIONS
CONCLUSION
BIBLIOGRAPHY
APPENDIX

CHAPTER ONE
INTRUDUCTION
1.1 BACKGROUND OF STUDY
A farmer, who plants corps, expects result, similarly to student who sits for examination expects results. The same 5 also true of an investor.
For the farmer, the result might be communicated to him in the form of a bumper harvest. It result sheet or a report card would usually sufficed for a student. However, in the of an investor, the result is communicated through the financial reports.

Financial reports are law to be prepared by every limited liability company; these limited liability companies abound in virtually all sector of the economy.

Every company shall cause accounting records to be kept. The accounting records shall be sufficient to show and explain the transactions of the company and shall be such as to disclose with reasonable accuracy, at anytime the financial position of the company.

In the banking industry, financial reports are of great interest to the general public because the banks directly or indirectly interact with people.

This public interest has caused companies (including banks) to accept social as well as economic, financial and legal responsibilities and has created a consequence, a growing need for the communication of information to account for the results which are of considerable interest a wide range of individuals and organizations.

So, it becomes very imperative for reliable information to be circulated to interested parties which can enable them to acquire an essential knowledge of the way is which companies particularly the bank are performing in relation to the public interest. This fact is further educated by the recommendation of the working party set up in Britain by the Accounting standard committee in October 1974 under the chairmanship of Derek booth man which took a study of the scope and aims of publisher financial statements.

The committee recommended that:
“The fundamental objectives of corporate report are to communicate economic measurement of the reporting entity useful to those having reasonable right to such information”

It is not an over statement when one says that the banking industry is the flume on which the national economy rotates. This mammoth, impact upon a country economy therefore makes it a public affair is everybody in the country has a right to know what such organizations are doing, more so all information, necessary to explain the organization’s activities fully should be provided in the annual reports.
One of the most significant aspects of the information system of business enterprises in an economy is that which deals with the communicate of financial data, especially in describing business profitability and financial position. This information is important because it attempts to partial the economic resources of the enterprises and the financial results, which have been achieved by its management when those resources have been put to use. It attempts to reveal how effective management has been in resources utilization as well as the financial reward available to compensate for risk taken by various suppliers of capital.

1.2 STATEMENT OF THE PROBLEM

The genuineness or other wise of financial reports has attracted diverse opinions from different quarters, such opinions can come from the general public, tax authorities, shareholders, creditors with long or short term interest, financial analyst and potential investors.
They argue that the financial reports do not usually give an accurate data about the actionties of such business concerns, for example, the idea of stating assets at their historical cost do not favour most investors as they argue that inflation is not usually taken care of, though the real value of such assets might have been eroded.
Again since the financial reports prepared by managements, the shareholders and others argue that there would usually be some elements

REVIEW OF THE NIGERIAN BANKING INDUSTRY IN THE YEAR 2001

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Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
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AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

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CHAPTER ONE
Introduction 1
1.1 Background of the study 1
1.2 Statement of the problem 3
1.3 Objective of study 4
1.4 Research question 5
1.5 Purpose of the study 5
1.6 Scope of the study 6
1.7 Limitation of the study 7
1.8 Delimitation of the study 8
1.9 Significance of the study 9
1.10 Importance of benefit of study 10
1.11 Ration/justification of the study 11
1.12 Assumption of the study 11
1.13 Definition of the terms involved 12
1.14 Plan for development of the topic 13
Reference 15
CHAPTER TWO
Literature review 16
2.0 An overview of the Nigerian banking system 16
2.1 Banking general environment 17
2.2 Structure of banking system in nigeria 19
2.3 A survey of the banking system in nigeria 20
2.4 Banks struggle in recent times 22
2.5 The market movers 24
2.6 The nature and forms of professional
misconduct in recent years in Nigerian bank 25
2.7 Banks threat and effect. 27
2.8 Measures for the improvement
of banking operation 28
2.9 Marketing strategy in the banking sector 29
Reference 31
CHAPTER THREE
3.1 Sources of data 32
3.2 Location of data used 33
3.3 Method of research investigation 33
Reference 34
CHAPTER FOUR
4.0 Findings 35
4.1 Characteristic of banking system 37
4.2 Features of banking business 37
Reference 42
CHAPTER FIVE
Recommendations and conclusion 43
5.0 Summary of findings 43
5.1 Recommendation 45
Bibliography 48
CHAPTER ONE

INTRODUCTION
1.1 BACKGROUND OF THE STUDY
This chapter provides the background to the Nigerian banking industry in the year 2001 with the Nigerian banks in focus.
It is indisputable that inspite of the competition going on in the already existing banks within the industry. Many new generation banks still spring up. These are as a result of several factors like nature of services rendered by the banks their expansion plans, the quest to meet up with profit margins acceptable by the body of stake holders, seeking markets for their services etc.
During this period the banking industry was misrepresented the banks who on longer consider the satisfaction needed by their consumer, but are constantly reminded of the measures of expansion and growth in line with their competitors.
The quest for opulence has crept not only into the bank, but in all the members of staff themselves and now manifesting into high rate of malpractices in the banking sector.
One important variable of the desired expansion in the banking industry is the cost of staffing, studies have shown that bankers are well paid to encourage and motivate them to their respective duties.
In order to meet up with these costs. Maximum efficiency needs to be put into avoid deficit.
As revealed by Nik Ogbulie viewing it from all indications available, the banking industry is growing in leaps and bounds. But what is yet to be fully determined is whether this growth is informed by increasing rate of efficiency in banking management or increasing demand of banking services by users of the industry. This becomes important because the perceive rate of growth is not industry-wide.
While some banks have remained big and strong still maintaining their mundane services approach. The one that pep up services are still not finding the bottom line easy and heap.

1.2 STATEMENT OF PROBLEM
The major research problem is to investigate and identify such factor that influence proper management function of the banking industry and to focus on the nature and forms of professional misconduct in the industry. It has been confirmed in Nigerian banks that professional misconduct takes an upward trend in the sector and further discussed it on the part of senior, middle and junior management staff. These, Mr. Akintola Williams attributed to a number of lapse on the part of director and boardroom rows. He reviewed existing procedures for preventing identified misconduct and suggested modalities for dealing with the problems.

Emphasis on individual responsibility was made. The pressure occasioned by the absence of social security, the social demands of the extended family system and poverty equally provide added reasons and motivation

THE INCIDENCE OF BAD DEBTS AND CREDIT MANAGEMENT IN NIGERIA COMMERCIAL BANKS

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Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
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CHAPTER ONE
1.1 Background of the study: = = 1
1.2 Statement of problem: = = 2
1.3 Objective of the study: = = 3
1.4 Significance of the study: = = 4
1.5 Scope and limitation of the study: = 5
1.6 Definition of terms: = = = 6
1.7 Reference: = = = 7

CHAPTER TWO
2.0 literature review: = = = 8
2.1 Government control over credit: = 9
2.2 Types of loan offered by the bank: = 10
2.3 Causes of bad debts: = = 11
2.4change of bad debt: = = 13
2.5 references: = = = 14

CHAPTER THREE
3.0 Research design and methodology: = 15
3.1 Research design: = = = 16
3.2 Populations: = = = 17
3.3 Types of data used: = = = 20
3.4 Location of data: = = = 21
3.5 Method of data collection: = = 22
3.6 References: = = = 23

CHAPTER FOUR
4.1 Summary of findings: = = 24

CHAPTER FIVE
5.1 summary recommendation and conclusion: 25
5.2 recommendation: = = = 26
5.3 conclusion: = = = 27
5.4 Bibliography: = = = 29
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
In a modern Economy, there is a distinction between surplus economics units and the deficit economics units and in a separation of the saving investment mechanism. This has necessitated the existence of financial institutions whose jobs includes the transfer of funds from savers to investor. One of such institution is the commercial Bank.
The commercial Banks are regarded as banks because they create money. They do this by establishing chequing account for their customers for whom they create demand deposited and pay out cash on demand.
Traditionally, the essential features of a commercial bank lies on the service it renders to its numerous customers. These services basically includes deposite stabilization, credit management money transmission, and consultancy services etc. however their most vital function and which has a great impact on the economy as a whole is credit.
The primary function of commercial bank is the extension of credit to worthy borrowers.
Commercial bank are rendering a great financial services. Through their actions production is increased, capital investments are expanded and a higher standard of living is realized.
Additionally, this functions are very important in that they distinguish bank from all other financial institutions and very unique position to manipulate the level and volume of demand deposite by limiting borrowing.
Credit extension management is one of the most intricate function performed by banks. This is so because loan portfolio is the greatest risk in the banking activity. Hence if due care and prudence is not exercised, it might result in bad debts. Bad debts are normal business expense and must be charged as such when calculating the profit and loss for the period.
Besides, business sin the other hand cannot exist without debt. It is now impossible to achieve any thing weather as an individual or as a group of person without going into some form of debt or the other. It seen to be generally agreed that debt is essential to business.

1.2 STATEMENT OF PROBLEM
The volume and value of bank loans which have became classified has continued to increase even a faster rate than the increase in bank lending. This has adverse effect on banks since it effects their cash flow and impairs their profitability. It is believe that most debts go bad because of the inadequacy of loan management and recovery procedure of banks.
The problem of this study is to appraise the lending and credit management policies of a typical commercial bank union bank of Nigeria Plc with a view of finding the cause and consequences of bad debts in banks.

1.3 OBJECTIVE OF STUDY
T

BANKS PARTICIPATION IN THE INDUSTRIAL DEVELOPMENT OF NIGERIA.
(A CASE STUDY OF ENUGU STATE)

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Swift Code: GTBINGLA 
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ABSTRACT
This work aims at satisfy those who have interest in banks participation in the industrial development of Nigeria, especially the bankers throughout the world who are involved in financing industrialization process.
For the purpose of the study, the researcher used the following methods in collecting data to enable her carryout an effective study. Related literatures were received, Primary and Secondary data such as oral interviews, news, newspapers, Journals, CBN Bullion were used. These were not enough to supply the information needed and to that effect, the researcher made use of questionnaires, which she designed and distributed to the staff of banks that are currently participating in the industrial development of Nigeria and the general public to test hypothesis, using Chi-Square as a test techniques.
From the questionnaire collected the researcher made these major findings:
-That banks can participate extensively in financing of industria
l development in Nigeria.
– That banks participation does not have any significant impact in industrial development in Nigeria.
– That the rapid growing of banks has in some ways contributed to the industrialization process of the country.

TABLE OF CONTENT
CHAPTER ONE
Introduction …………………………………………………………………..
1.1 Statement of the problem & Purpose of Study…………….
1.2 The rational of the study……………………………………………
1.3 Significant of the study……………………………………………….
1.4 Background of the study……………………………………………..
1.5 Definition of terms……………………………………………………..
CHAPTER TWO
Literature Review
2.1 Theoretical Review……………………………………………………..
2.2 Empirical Review………………………………………………………
CHAPTER THREE
Hypothesis of the study, Research Tool And Procedure, Source of data and Limitation of study…………………………
Hypothesis of the study……………………………………………..
Methodology of the study……………………………………………
Sources of data………………………………………………………..
Limitation of the study……………………………………………….
CHAPTER FIVE
5.1 Summary……………………………………………………………………
5.2 Conclusion…………………………………………………………………
5.3A Recommendation………………………………………………………..
5.3B recommendation for future Scholars

CHAPTER ONE
INTRODUCTION
1.1 STATEMENT OF THE PROBLEM AND PURPOSE OF THE STUDY
For any country to attain any degree of industrialization, it must have to over-come some series of obstacles and difficulties and it has to depend some how on some financial institutions to facilitate the industrialization.
This research work is then designed to investigate the banks participation in the industrial development. A country becomes famous among other countries of the world when it has been able to attain a remarkable degree of industrialization.
The aim of this study is to investigate how and the level of participation of the banks to the industrial development of Nigeria, hence to determine the impact of financial institutions on the industrial growth in the country. This study will also investigate on the gains and losses of this banks that participate in one ways or the other to industrial growth. And why some financial institution developed cold feet in participating in industrial development.
This, this is an attempt to draw the mind of every Nigeria to this question below.
– How far has our country advanced in industrial development through the assistance of bank?
1.2 THE RATIONAL OF THE STUDY
Industrialization means the development of country through industries; A developing country like Nigeria is characterized by a high degree of subsistence production. Whether a country developed or not depends on the existing level of wealth and material welfare. The measure of development of any country is based on its per capital income i.e dividing net national income by the total population to get per capital income.
The banks has a major role to play the development of any industry and the nation at large. This impact of banks to the industrial development ranges from loan assistance, financial advices and other areas which the bank may assist. That is why it is pertinent to research

AN ANALYSIS OF EXTERNAL DEBT AND ECONOMIC GROWTH IN NIGERIA, (1992 – 2004).

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Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

Note:  We accept bank transfer, ATM cash transfer , Online payment using your ATM , Western union bank transfer.  We will respond to you anytime of the day. 

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ABSTRACT
External borrowing is a source through which many countries source revenue for development and economic growth of their countries. But this revenue can only help solve the problems of gross under – development when judiciously utilized.
The burden of Nigeria’s external debt is more than the country can bear and the state of economic growth in the country is hampered due to debt crisis.
The debt problem facing Nigeria is concerned on how to stop incurring more debts and device a way of servicing the existing debt without causing some distortions in the economy. For effective and efficient debt servicing, factors that hiders it has to be taken care of i.e. domestic financing policies, debt management and external economic environment.
External debt affects the economic growth, the level of money supply and employment in the country. So, Nigeria can solicit for debt cancellation from it’s creditors and also adopt debt management as pat of it’s macro economic policies of the nation and finally engage in productive projects.
TABLE OF CONTENT
CHAPTER ONE
0.0 INTRODUCTION
1.1 BACKGROUND OF STUDY
1.2 STATEMENT OF PROBLEM
1.3 OBJECTIVE OF THE STUDY
1.4 RESEARCH QUESTION
1.5 RESEARCH HYPOTHESIS
1.6 SIGNIFICANCE OF THE STUDY
1.7 SCOPE, LIMITATION AND DELIMITATION
1.8 DEFINITION OF TERMS
REFERENCES
CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.0 INTRODUCTION
2.1 DEFINITION OF EXTERNAL DEBT AND ECONOMIC GROWTH
2.2 CAUSES OF EXTERNAL DEBT CRISIS IN NIGERIA
2.3 CONSEQUENCES OF NIGERIA’S EXTERNAL DEBT
2.4 THE NATURE OF ECONOMIC GROWTH IN NIGERIA
2.5 CONDITIONS FOR RAPID ECONOMIC GROWTH IN NIGERIA
2.6 STRUCTURE OF NIGERIA’S EXTERNAL DEBT
2.7 NIGERIA’S DEBT MANAGEMENT STRATEGIES
2.8 PROBLEMS AND PROSPECTS OF NIGERIA’S EXTERNAL DEBT
MANAGEMENT
CHAPTER THREE
RESEARCH DESIGN AND METHODOLOGY
3.1 RESEARCH DESIGN
3.2 RESEARCH METHODOLOGY
3.3 AREA OF STUDY
3.4 LOCATION OF DATA
3.5 DESCRIPTION OF POPULATION
3.6 SAMPLE SIZE
3.7 INSTRUMENT OF DATA COLLECTION
3.8 METHOD
3.9 TECHNIQUES OF DATA ANALYSIS
REFERENCE
CHAPTER FOUR
DATA PRESENTATION ANALYSIS AND INTERPRETATION
4.1 PRESENTATION OF FOR HYPOTHESIS
4.2 TEST OF HYPOTHESIS ONE
4.3 PRESENTATION DATA FOR HYPOTHESIS TWO
4.4 PRESENTATION FOR HYPOTHESIS THREE
REFERENCES
CHAPTER FIVE
SUMMARY OF FINDINGS, RECOMMENDATION AND CONCLUSION
5.1 SUMMARY OF FINDINGS
5.2 RECOMMENDATION
5.3 CONCLUSION
BIBLIOGRAPHY

CHAPTER ONE
INTRODUCTION
BACKGROUND OF STUDY
Every country in the world aim at achieving economic growth and development. However, this is only possible if a country has adequate resources. In developing countries, especially those in sub Sahara Africa, the resources to finance the optimal level of economic growth and development are in short supply. This is as a result of the economies ploughed with problems of low domestic savings, low tax revenues, low productivity and meager foreign exchange earnings.
Basically, for these reasons, many developing countries yearning for economic growth inevitably resort to external financing to bridge the gap between their savings and investments. In the process of obtaining finance from abroad, a country may consider several options: grants, foreign investment and loans (concessional and non – concessional) in that order. However, mix of these capital in – flow in varying proportion could be obtained depending on the socio – economic and political situation in a country.
Nigeria like most developing countries borrowed from external sources mainly for investment purposes. The country’s external debt was sustainable up to mid 1970’s. From the late 1970’s because of poor macro – economic management and declining prices of crude oil, the country’s external debt began its upward movement. Thus from an external debt of US $ 557.74 million in 1975. Nigeria debt peaked at US $33.1 billion in 1990 before declining to US $27.1 billion in 1997 and rose to US $ 28.8 billion in 1998. However, one of the greatest problems facing African countries basically classified as the amount of their external indebtedness. The external debt problem is becoming more and more for many reasons. This problem of increasing rate of the external debt is threatening the development programmes embarked upon by these countries: thereby retarding their economic growth and development. The reason being that the size of the debt relative to size of the economy’s GNP is enormous. Also, the current system of debt management has a serious macro – economic impact on an economy’s output: as such, there is an urgent need to reduce Africa’s total outstanding debt service payments as well as accumulating of arrears on payments.
In 1986, the Federal Government introduced the Structural Adjustment Programme (SAP) to address the problem of structural imbalance in the economy and create an atmosphere for the achievement of macro – economic stability. It is obvious that one of the integral part of the SAP is to reduce Nigeria huge debt. It is a fact that if the enormous amount spent on debt service payment could be reduced greatly, the country will be able to finance a large volume of domestic investment which would enhance growth and development.
The problem of the rising external debt of the less developed countries (LDCs) is giving nightmares not only to the debtor nations that is worrying about how to earn enough foreign exchange to at least service their huge external debts but also to the creditors that are worried about the tendency of the debts becoming bad and irrecoverable.
To most debtors nations, the adage “ to go a borrowing is to go assorrowing” is a biting truism. This is not to say that the researcher is against borrowing either internally or externally. In fact, from the on set, the researcher strongly believes that external funds if judiciously utilized will go a long way to help solve or at least alleviate the problems of gross under – development confronting most of the LDCs. Getting out of the “debt trap” is now the major concern of both the creditors and the debt nations. The debtors should not be made to bear the burden of miscalculation of botgh the creditors ( who were reckless in the approach to lending during this peak of the “ petro dollar boom” for being too short sighted as not to see the strings and traps attached to the loans.
Perhaps, the above cannot be more representative of the Nigeria situation which is likened to an extravagant person who is hosting his friends and associates to an all exercise – paid, no holds barred party, which after the parting found himself unable to settle even a fraction of the bill and all the guest gone, not even a person to be seen to offer moral succor to the lavish host. This vividly describes the Nigeria external debt problem. Having wasted all the borrowed funds and having nothing to show for it, Nigeria is woken up to unending knocks of the creditors.
Unfortunately, ability to pay is close to zero. This is becomes more pathetic when it can be seen that Nigeria is now called upon to pay when the economy is in a depressed mood. More so, the borrowed funds are embarked on ill conceived projects which are equally badly implemented. However, the new international economic order sets out as one of it’s objectives to secure favourable conditions for the transfer of resources to developing countries and to ensure that a country’ resources are fully utilizes for the development of the country concerned. Thus, Nigeria resorted to external borrowing early in her history so as to quicken the pace of economic development. The issue of Nigeria’s external debt generated much public concern at the beginning of 1980.
Actually, Nigeria’s external indebtedness started during the colonial days. The last of colonial borrowing was the World Bank (IBRD) loan of 1958 used to finance Nigeria Railway Corporation extension to Bornu under the guarantee of the United Kingdom Government ( Felagan 1978). It is believed that debt is generated by the gap between domestic savings and investment, and export earning which increases in absolute terms over time. As the gap widens and the debts accumulates, interest charges also accumulate and a country must borrow more to maintain constant flow of net imports and to refinance maturing debt obligations.
Nevertheless, external borrowing became a conscious public policy when in 1960, the Government promissory notes ordinance was enacted for the purpose of raising authorized loans. Under the ordinance, a sinking fund was also established for redeeming loans raised. In 1962, the external loans Act was enacted by parliament which provided for the raising of the loan outside Nigeria. Under the Act, external loans were to be used for the purpose of development program and for making loans to regional government.
In 1970, after the civil war “ The External Loan Rehabilitation, Reconstruction and Development” decree was promulgated. The decree authorized Federal Commission to raise loans outside Nigeria for amount not above N1 billion. The loan is for rehabilitation, reconstruction and development programme for making loans to state government. These various regulations on external loans became the policy guidelines not only in magnitude but also in the direction.
Nigeria’s debt crisis could also be traced to the misdirect economic policies pursued since the buoyancy of the oil market which resulted in an outright neglect of the non – oil sector of the economy especially agriculture. Owing to this neglect of other sectors in the economy, the oil sector provided over 905 of the government national revenue, so fluctuations that occurred in the oil market in 1978 and 1980s distorted the projected revenue estimates of the federal government. Hence, the government had to borrow to fill the gaps created by the fluctuation and also meets the increasing expenditures. Thus, Nigeria’s debt as recorded by the Central Bank of Nigeria in 1978 was N1, 265.7 million or US $2.2 billion;N8819.4 million or US $ 13.1 billion in 1982 and N133,956.2 million in 1988. More so, the total outstanding external debt of Nigeria went up to N240, 033.6 million in 1989 in addition, it is said that the debt keeps rising yearly ( defying Newton’s law of gravity) as Nigeria was owning N648,813 million as at 1994 and N3,097,383.8 million as at 2000.
The debt situation was also intensified by large public deficit relatively free capital in – flows, inefficient control over private capital out flows and real over valuation of the exchange rate of naira to other world currencies. For these reasons and others, debt problem has become one of the most pressing issues in the world’s political and economic relationship for a LDC like Nigeria.
In essence, what matters most is not the amount of the foreign loans but the ways and manner the loans are used in developmental process. If these loans are used for current consumption, they will have minimal impact on future economic growth but if invested rationally in productive ventures, they will contribute positively to real growth and enhance the productive capacity of the economy. The fact is that development depends purely on a sustained increase in real income, which can only be achieved or accumulated from economic growth.
Economic growth however, emphasizes on the changes in economy’s productivity over time. Growth tends to occur when total production increases more rapidly than population. Thus, it is the country’s ability to maintain a strong defense or to pay for some other national project. As a matter of fact, economic growth is an ever increasing quantity of goods and services available to meet the economy’s need over time. As a result, the higher the ratio of debt servicing payments, the lower the level of economic growth. The primary burden of Nigeria’s public debt is indeed shifted to the future, thereby retarding economic growth. The rate of investment tens to be low and unemployment rate become high because of our huge public debt. Furthermore, our reputation is tarnished and the developed nations are no longer confident in our economy. This rise to reductio0n in the flow of foreign investment to Nigeria, which could have profound consequences for the economic development prospect of the nation. With the oil glut and reduced revenue, it is expected that our external debt liabilities will increase and our economy will be unstable. The debt crisis if not well managed will lead to liquidity crisis and foreign