The paper examines the Nigerian external debt crisis and efforts made to obtain debt relief in 2005. The study is aimed at finding efficient debt management strategies to prevent future debt crises. It argues that the huge external debt was responsible for the slow economic growth and development in the country. The findings revealed that lack of fiscal discipline, which was due to lack of integrity and accountability, over dependence on oil revenue and poor project analysis and implementation were factors responsible for the Nigerian debt crisis in the past. This article is based on descriptive survey and it also employs secondary method of data collection. It concludes that the debt relief has not translated into the much desired economic growth and development and recommends that strict policy guidelines should be adhered to in order to prevent future debt overhang. Key Words: Debt Relief, Economic Development, Nigeria, Debt Burden, Debt Overhang.
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