Public Debt and External Reserve: The Nigerian Experience (1981–2013)

Table 3

ADF unit root test and order of integration.

Variables	ADF -Statistic Value	5% critical value	Remark	Order of integration
lextrv)			Stationary	I()
Lextrv			Nonstationary	I()
(lm2)			Stationary	I()
Lm2			Nonstationary	I()
(lpdebt)			Stationary	I()
Lpdebt			Nonstationary	I()
(lnexcr)			Stationary	I()
Lnexcr			Nonstationary	I()

Source: author’s computation from E-views (2016).