For adequate economic growth and development, a country’s savings may not equate her desired investments in goods and services. When deficit exist, a country will always bring out means to finance the deficit. Such financing in most cases is through debts from both internal external sources. The objectives of the study are to determine the effect of public debts proxied as internal debts, external debts and interest rate on economic growth proxied as gross domestic product. The study applied ex-post facto design with secondary data as instrument for data collection. Multiple regression model, applying ordinary least square regression was used for analysis. Findings showed that external debts have significant negative impacts on GDP while internal debts showed significant positive impacts on GDP. There is also high cost of borrowed fund it is recommended that Government should make sure that all borrowed fund is judiciously used. They should exhaust internal means of borrowing before resorting to external debts. Also creating the enabling environment that will make public debt to achieve the purpose for which it was borrowed.