The aim of this study is to verify the empirical relationship between the structure of Nigeria public debts and the nation’s economic performance over the period 1990-2015. The study employ relevant data from CBN statistical bulletin of various issues and the analysis are based on two regression techniques simple and multiple. The simple regression result indicates significant positive relationship at 0.05 level between aggregate public debt and Nigeria GDP. Multiple regression analysis indicate that while the multiple correlation coefficient is significant at 0.05 level, external debt in negatively signed while domestic debt signs positively with Nigeria’s GDP. The regression coefficients are all significant at 0.05 levels with a coefficient of determination (R2) value of 94.5 percent. Given the result, the study concludes that Nigeria public debts are valuable in predicting partially variations in Nigeria’s economic performance. It recommends that Nigeria should emphasis more of domestic debts in place of external debts. This should be done through development of new and varied money and capital markets products as well as enhanced internationalization of the operations of the Nigeria’s capital and money markets. It also recommended that development of indigenous technological potential be given priority to boost Nigeria technology and eventually economic independence.