This study examined the dynamic impact of sovereign debt and sovereign debt service on economic growth in Nigeria using annual time series data spanning 1981 to 2019. The study employed the error correction model, vector error correction model and the granger causality test to explain the impact of the relationships. The results revealed that an increase in external debt will lead to an increase in the growth of the Nigerian economy in the short run and a decrease in the economy in long run. The estimated results also revealed that there is an existence of a high significant and positive relationship between domestic debts and the Nigerian economy both in short and long run, while an increase in sovereign debt servicing will reduce the Nigerian GDP in both short and long run. The study found that there is a unidirectional causality running from external debt, domestic debt and sovereign debt servicing to the Nigerian economy. The study recommended that the government of Nigeria should encourage sustainable domestic borrowing and utilize the funds in productive economic activities and minimize external borrowings since it impacts on the economy in the short run is less significant and in the long run, is negatively significant.