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Analysis shows government borrowing influences road infrastructure investment in Nigeria, highlighting debt servicing challenges.
The study examines the effect of government externalborrowing on road infrastructural expenditure in Nigeria.The study adopts ex post facto research design. Timeseries data were sourced from the Central Bank ofNigeria (CBN) and Debt Management Office (DMO) from1999 to 2023. The technique for data analysis was theAutoregressive Distributed Lagged (ARDL). Findingrevealed that both external and internal borrowing havestatistical significant positive effect on roadinfrastructural expenditure in Nigeria while debtservicing has statistical significant negative effect on roadinfrastructural expenditure in Nigeria. This studyrecommends that the federal government should only gofor any external borrowing on road infrastructure if therewill be sufficient return from the road infrastructure toliquidate the debt, likewise internal borrowing
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Ibrahim et al. (2025) studied this question.
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