Nigeria’s Finance Minister Taiwo Oyedele said on Tuesday that developing countries are paying $500 billion more than they should to refinance debt compared to developed countries.
Citing a communique for the Group of 24 nations, Oyedele said debt vulnerability is a major barrier to inclusive growth in developing countries, adding that the group expects the World Bank and others to deliver at least $300 billion a year in private finance by 2035.
Nigeria’s total public debt as of June 2026 stood at about $120.9 billion, with $54.5 billion in external debt and $66.4 billion in domestic debt.
That is according to data published by Nigeria’s Debt Management Office, a government agency tasked with coordinating the management of the county’s debt.
The total debt represented an increase of about $24 billion from the previous year.
