The national debt crisis in Nigeria has become a critical concern, prompting inquiries regarding the country's fiscal sustainability, economic stability, and governance. The Debt Management Office (DMO)'s role in addressing Nigeria's increasing debt burden and the challenges of accountability and transparency in debt management is the focus of this study. Nigeria's debt profile has increased over time as a result of mismanagement of public funds, insufficient revenue generation, and excessive borrowing. Although the DMO was established to ensure effective debt administration, there are still concerns about the agency's capacity to maintain fiscal discipline, promote transparency, and ensure accountability in loan utilization. This paper evaluates the efficacy of the DMO in debt management by evaluating its policies, strategies, and the degree to which it is consistent with global best practices. It investigates the effects of Nigeria's debt crisis on social development, inflation, exchange rates, and economic growth. Additionally, it underscores governance concerns, such as the inadequate supervision of public funds, the misallocation of borrowed funds, and the restricted role of legislative bodies in the examination of debt agreements. The study contends that Nigeria's debt crisis cannot be resolved exclusively through debt restructuring; rather, it necessitates comprehensive fiscal reforms, enhanced revenue generation, and rigorous accountability measures. In order to mitigate the risks associated with increasing debt levels, it is imperative to enhance public participation in debt discussions, strengthen the DMO's autonomy, and enforce transparency mechanisms. The results emphasize the necessity of a sustainable debt management framework in Nigeria that promotes economic development and financial stability while ensuring fiscal responsibility.