The study empirically examined the effect of debt management on infrastructural development of the Nigeria economy. Ex- post facto research design was adopted for the study. Data was collected through secondary sources from the archive of Central Bank of Nigeria (CBN) and Debt management Office of Nigeria (DMON). The data analysis was done using Ordinary Least Square (OLS) regression technique. The population of study consists of the federal government of Nigeria, the thirty- six state governments in Nigeria and the Federal Capital Territory (FCT) bringing the total population to thirty – eight (38). The same number serves as the sample size. The major findings showed that debt servicing and interest rate appeared with negative relationship on infrastructural development. It is recommended that government should apply appropriate policies with respect to debt variables for sustaining development in infrastructure.