TY - BOOK ID - 137284543 TI - State Debt Management in Nigeria : Challenges and Lessons Learned AU - Razlog, Lilia. AU - Garron Bozo, Jaime. AU - Lee, Yue Man. AU - Li, Ying. PY - 2020 PB - Washington, D.C. : The World Bank, DB - UniCat KW - Finance and Financial Sector Development KW - Governance KW - Local Government KW - Public and Municipal Finance KW - Public Sector Development UR - https://www.unicat.be/uniCat?func=search&query=sysid:137284543 AB - Drawing on the results of recent state-level debt management performance assessments (SN DeMPAs) in seven Nigerian states and the Federal Capital Territory, the paper highlights key institutional and capacity challenges in state debt management in the context of the Nigerian fiscal federalism system. It also provides a comparison of subnational debt management practices of selected Nigerian and Indian states. The analysis highlights the important role of the central government in the successful implementation of subnational debt management functions within fiscally decentralized system, in particular by: (i) establishing a sound legal framework for subnational borrowing and defining key parameters for state indebtedness; (ii) establishing, standardizing, and monitoring state-level debt-management procedures, systems, and institutions; and (iii) building the capacity of subnational authorities along the entire cycle of debt management, including for debt management strategy formulation, borrowing plans, debt contracting, recording and reporting. While this paper focuses on state-level debt management in Nigeria, it is designed to contribute to the ongoing dialogue on international sound practices for subnational debt management and implementation of fiscal decentralization in developing countries. ER -