Ordinary, National debt means the quantum of resources acquired by the Nation from within and outside the nation to finance development programmes especially when domestic (public) savings fall short of investment outlay. The economic or rather positive impact of this national debt is to specifically, amount to resources available to the government for spending outside its autonomous earnings, thus, both domestics and foreign debt are sources for argumenting available resources in the drive to accelerate economic growth and development, and encourage external sector competitiveness. The Nation external borrowing has significantly supplement domestic savings and at the same time stimulate economics activities. In particular production, which in turn lead to increase in output and at the same time accelerate the growth and development of the economy. This presentation strives to explore and analyze critically the structure of Nigerian Internal and External debt and to see to what extent has helped public and the nation image and confidence. Method used to achieve this objectives include, the use of historical data, direct and indirect observation, interview and documents study. The empirical finding has shown that, the nation is heavily indebted because of indiscriminate borrowing without accompanying capacity for repayment but not withstanding the size and composition of the nation debt, these still exist an implied correlation between economic growth and development and the nation total debt. To Manage Debt effectively, authorities must project the time profile of debt service obligations. They must accurately forecast export earnings, domestic revenues and future access to finance. They must also monitor the potential for repaying or refinancing their debt to take advantage of new borrowings on better terms, to adopt loan maturities to project revenues or to cope with shortfalls in earnings from exports or unanticipated expenditures on imports.