Ekpo, Akpan H.2015-04-272015-04-272015-03https://hdl.handle.net/10986/21787Since 1991 the share of sub-national outlays in total government spending has increased, reflecting their active role in service delivery and greater autonomy in policy-making and implementation. As a result, sub-national economic policies have taken on an increasingly important role in ensuring macroeconomic stability. The rising share of sub-national finance, including sub-national Governments (SNGs) debt as a share of general public debt abundantly reflects this trend of greater devolution of spending responsibilities, revenue - raising authority and the capacity to incur debt. The growing importance of SNG finances and the recognition that the trend can pose dangers to macroeconomic stability have informed different institutional responses to the difficulties of decentralized decision-making, especially addressing the need to improve policy coordination across levels of government and contain sub-national borrowing. The purpose of this paper is to articulate some issues in SNG borrowing arising from the peculiarities of the Nigerian situation. To this end, the paper is divided into four parts. Part one gives introduction. Part two outlines the models of control of sub-national borrowing across the developing and emerging market countries. It also highlights Nigeria's efforts in this regard. Part three outlines the structure of fiscal federalism in Nigeria highlighting constitutional, legislative, and administrative provisions for the sector, revenue allocation, revenue - expenditure gap, while part four dwells on the leading issues and challenges in SNG borrowing in Nigeria.en-USCC BY 3.0 IGOADMINISTRATIVE CONTROLSAMOUNT OF LOANSBALANCE OF PAYMENTSBANK LOANSBENEFICIARIESBONDBOND ISSUESBONDSBORROWERCAPACITY BUILDINGCAPITAL MARKETCAPITAL MARKETSCASH FLOWCENTRAL BANKCENTRAL GOVERNMENTCOMMERCIAL BANKSCONTINGENT LIABILITIESCORPORATE BONDCORPORATE BOND ISSUANCECREDIT SCHEMECREDIT SCHEMESDEBTDEBT CONTROLDEBT DATADEBT MANAGEMENTDEBT MANAGEMENT DEPARTMENTDEBT MANAGEMENT FUNCTIONSDEBT MANAGEMENT OFFICEDEBT MANAGEMENT PRACTICEDEBT PORTFOLIODEBT SERVICEDEBT SERVICINGDEBT SERVICING CAPACITYDECENTRALIZATIONDEVELOPING COUNTRIESDOMESTIC BANKDOMESTIC BORROWINGDOMESTIC DEBTDOMESTIC DEBT MANAGEMENTECONOMIC GROWTHECONOMIC POLICIESECONOMIC POLICYEMERGING MARKETEMERGING MARKET COUNTRIESEXCHANGE COMMISSIONEXCHANGE RATEEXPENDITUREEXTERNAL BORROWINGEXTERNAL BORROWINGSEXTERNAL DEBTEXTERNAL LOANEXTERNAL LOANSFARMERSFEDERAL DEBTFEDERAL MINISTRYFEDERAL TRANSFERSFINANCIAL INSTITUTIONSFINANCIAL MANAGEMENTFISCAL FEDERALISMFISCAL RESPONSIBILITYGOVERNMENT BORROWINGGOVERNMENT SPENDINGHUMAN DEVELOPMENTINCOME TAXINTEREST RATEISSUANCELENDERLOANLOAN REPAYMENTSLOCAL CURRENCYLOCAL GOVERNMENTLOCAL GOVERNMENT BORROWINGLOCAL GOVERNMENTSMACROECONOMIC IMPACTMACROECONOMIC STABILITYMARKET BORROWINGSMARKET DISCIPLINEMEDIUM ENTERPRISESMINISTRY OF FINANCENATIONAL DEBTNATIONAL DEBT MANAGEMENTNATIONAL ECONOMIC POLICIESNATIONAL GOVERNMENTSPAYMENT ORDERPAYMENT ORDERSPERSONAL INCOMEPOLICY COORDINATIONPORTFOLIOPRIVATE CAPITALPROVISION OF INFRASTRUCTUREPUBLIC DEBTPUBLIC DEBT MANAGEMENTPUBLIC FINANCESREPAYMENTREVENUE ALLOCATIONRISK MANAGEMENTSAVINGSSECURITIESSINKING FUNDSTATE GOVERNMENTSTATE GOVERNMENTSSTATE GOVERNORSSUB-NATIONALSUB-NATIONAL BORROWINGSUB-NATIONAL DEBTSUB-NATIONAL FINANCESUB-NATIONAL GOVERNMENTSUB-NATIONAL GOVERNMENTSTAXTAXATIONTOTAL EXTERNAL DEBTTRANSPARENCYWorking PaperWorld Bank10.1596/21787