President Obasonjo of Nigeria stated after the G8 summit in Okinawa in 2000

“All that we borrowed up to 1985 or 1986 was about $5 billion. So far we have paid back about $16 billion. Yet we’re being told that we still owe about $28 billion … because of foreign creditors’
interest rates. If you ask me what is the worst thing in the world, I will say it is compound interest.”

At that time, the developing world was spending thirteen dollars on debt repayment for every one dollar it received in foreign
aid and grants.