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The broad objective of this study was to analyze the effect of public debt on poverty reduction in Nigeria for the period 1981-2020. The study adopts ex-post facto research design. Multiple regression analysis was utilized in the study in which the Ordinary least square regression method was used in the analysis. Data obtained from the 2021 Central Bank of Nigeria (CBN) statistical bulletin, and WDI on poverty reduction (POVR), external debt (EXD), domestic debt (DDs), total public debt service (PDS), primary school enrollment rate (PSENR) and government expenditure on social service (SOCEXP) were analyzed in the study. The results from the OLS regression analysis revealed that external debt has a negative and significant impact on poverty reduction while domestic debt has a positive and insignificant effect on poverty reduction. The results also showed that public debt service (PDS) has a negative and insignificant effect on poverty reduction in Nigeria. Thus, this study recommends that External debts should be discouraged: the national assembly should discourage the executive arm of Nigerian government from engaging into subsequent external borrowing and ensures that the institutions of government saddled with debt and finance management (the debt management office and ministry of finance) are strengthen; and that laws that would checkmate misappropriation of public funds are made.