This study examines the effects of government public debt and inflation on per capita income in Nigeria, covering the period 1981 to 2023. The study utilizes the variables of government public debt, inflation, per capita, money supply and interest rate. The study deploys the generalized linear model based on the heteroscedasticity problem that is associated with the study data set. The study is designed to seek practical implications for economic policies. In addition to examining the impacts of government public debt and inflation on per capita income, the study specifically examines the moderating effect of government public debt and inflation on per capita income as well as investigates the impact of money supply and interest rate on inflation and per capita income. The findings reveal that government public debt has a negative and significant effect on per capita income. In addition, the impact of inflation on per capita income is mild, positive and not significant. Also, the moderating effect of government public debt and inflation is negative and not significant on per capita income. In contrast, the impact of government public debt on inflation is positive and significant. The study recommends a reduction in government fiscal deficit and government borrowing to reduce inflation. The study also recommends fiscal consolidation and the efficient application and management of borrowed funds.