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This book investigates into the fact that external debt issue today stands out as one of the greatest concerns in international economic relations and also in international politics. For the developing country like Nigeria, in spite of her abundant natural resource endowment, has not been able to grow and develop to any appreciable level, it is discovered that one of the factors retarding Nigeria's economic growth and development is her huge external debt burden. Both theoretical and empirical approaches are employed in examining the issues surrounding the external debt overhang and its consequences on the Nigerian economy over the years. The empirical approach involves the application of Two Stages Least Squares (2SLS) with the unit root test of co integration to estimate the regression model. The book recommends a wholistic macroeconomic management to give room for sustainable economic growth and development as well as the adoption of proactive measures to forestall the reoccurrence of external debt overhang in future.