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Debt Instruments in the Nigerian Financial System

This paper reviews the debt finance types in the Nigerian Financial Market. Essentially, there are two kinds of debt financing namely short-term and long-term. The short-term debt finance may further be categorized into two namely money market instruments and non-money market forms of borrowing. The long-term sources of debt are typically bonds issued by Companies and Governments. When corporate bonds are unsecured, they are called debentures. More interestingly, there are tax benefits of debt arising from interest deductions before arriving at taxable income of companies. This tax factor partially explains the use of debt in the capital structure of firms but there are other considerations too rationalizing corporate debt policy.