This chapter acknowledges the importance of public debt in national growth and development. This is because the majority of developed nations have utilized public debt to finance their major infrastructure projects, investment, and transformational programs that have fostered social inclusion. While debt has proven to be a blessing to the first world by promoting national growth and development, this has not been the case for Africa. The majority of African states are in debt distress, and their debt has become a burden and curse to national development. This is because of a cocktail of dynamics that intersect to militate against optimum utilization of public finances. These factors include but are not limited to weak and conflicting legal, regulatory, and institutional frameworks established to manage public debt; opaque debt contraction and utilization; corruption; economies of affection; tender-preneurship; and state capture. A scenario that has undermined social inclusion and social protection systems. Therefore, it is this chapter’s ambition to bring to light the effects of public debt in undermining social inclusion through an exposé of the theoretical and empirical perspective of public debt and social inclusion in Africa.