Nigeria External debt's rising profile has been one of the disturbing factors affecting the overall development of the country. Though it was a belief within the government and well informed circle, that, Borrowing from Foreign Creditors will aid the development of the Nigeria economy. But instead of ameliorating the macroeconomic problems and general under developments of the country, it tend to underdeveloped it the more, due to the rising debt profiles as a result of mismanagement of the debts among other factors. Thus, after making use of available secondary data at our disposal, with the aim of looking into the causes, effects and solutions to the problems of the Nigeria debt and its management; the study revealed that the Nigeria's external debt has seriously hinders the overall developments of the economy vis-a-vis the country's balance of payment, despite all efforts of successive governments in Nigeria at managing it. Hence, with the above in view, it is believed that with proper institution of a dynamic debt management programmes, and general discipline on behalf of the government and the citizens, the problems of Nigerian external debt burden will be of the past.