The Allied Peoples Movement (APM) has urged the World Bank and other international lenders not to extend fresh credit to the Nigerian federal government. This call comes as Nigeria seeks new financing facilities worth $1.5 billion from the World Bank. The party expressed concerns that granting additional loans would increase the country's debt burden and mortgage the future of Nigerians. The APM's National Publicity Secretary, Abubakar Yusuf, made this statement on Tuesday.
Nigeria's total public debt has risen to ₦166.79 trillion at the end of June 2026, according to the Debt Management Office (DMO). This figure represents an increase from ₦159.35 trillion recorded at the end of March. The proposed World Bank facilities would add to existing obligations to the multilateral lender. The federal government is currently in discussions with the World Bank on three proposed financing facilities totalling $1.5 billion. These facilities focus on climate resilience, social protection, and early childhood development.
The World Bank is expected to consider an additional $500 million in financing for the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project on 29 October. If approved, this would increase ACReSAL's total size from $700 million to $1.2 billion. The proposed financing aims to support climate-resilience interventions, including measures to improve the livelihoods and resilience of vulnerable communities. The other two proposed $500 million facilities target social protection and early childhood development.
The APM raises concerns over debt accumulation, questioning the government's ability to service its growing debt obligations. The party alleges that Nigerians have not seen sufficient benefits from previous borrowing and accuses the administration of diverting borrowed funds to private interests. The APM also blames the government for the depreciation of the naira, rising taxes, and increasing costs of electricity, transportation, food, and healthcare.
The party linked the government's borrowing plans to the worsening food crisis in Nigeria. According to the World Food Programme (WFP), about 35 million Nigerians face acute food insecurity in 2026. The WFP projects that nearly 35 million Nigerians could face acute and severe food insecurity during the 2026 lean season. Conflict, climate shocks, displacement, and the deterioration of local food systems have driven this crisis, particularly in the North-east.
The APM has called on the World Bank, International Monetary Fund (IMF), China, the United States, and other international lenders to withhold fresh credit facilities from the Nigerian government. The party argues that the administration should not incur additional obligations, especially with the 2027 election approaching. The APM claims that Nigerians have reached a consensus to vote out the APC government in the 2027 election.
The World Bank has continued to finance Nigeria under various programmes, including projects focused on economic reforms, social protection, infrastructure, health, education, and climate resilience. In 2024, the World Bank approved a $1.5 billion financing package for Nigeria under the Nigeria Reforms for Economic Stability and Economic Transformation Development Policy Financing programme. This package comprised a $750 million International Development Association (IDA) credit and a $750 million International Bank for Reconstruction and Development (IBRD) loan.
Key points
- The APM urges the World Bank to halt $1.5bn loans to Nigeria, citing concerns over debt accumulation.
- Nigeria's total public debt has risen to ₦166.79 trillion at the end of June 2026.
- The World Bank is expected to consider an additional $500 million in financing for the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project on 29 October.
