The Allied Peoples Movement (APM) has called on the World Bank and other international lenders to reject the Federal Government's request for a $1.5 billion loan. The party stated that additional borrowing would further burden Nigerians, with the country's total debt stock now standing at over N166 trillion. The APM made the call through its National Publicity Secretary, Mr Abubakar Yusuf, in Abuja on Tuesday.
According to Yusuf, international financial institutions should consider the interests of over 200 million Nigerians before granting further credit to the administration of President Bola Tinubu. The party questioned the government's capacity to service the nation's growing debt, alleging that Nigeria's total debt had risen to over N166.7 trillion under the Tinubu administration. Yusuf also criticised the government's borrowing appetite despite increased revenue following the removal of the petrol subsidy.
The APM further alleged that funds borrowed by successive administrations were not always deployed for their stated purposes, while infrastructure, employment, and other critical sectors remained inadequate. Yusuf argued that the situation had contributed to rising costs of electricity, transportation, food, healthcare, and other basic necessities since Tinubu assumed office in 2023. He cited the World Food Programme's assessment that about 35 million Nigerians face acute food insecurity in 2026.
The party, therefore, appealed to the World Bank, International Monetary Fund, and other international lenders, including financial institutions and governments in China and the United States, to withhold fresh credit facilities from the administration. Yusuf stated that the APM strongly condemns the attempt by President Tinubu to further mortgage the future of millions of Nigerians with a fresh $1.5 billion credit from the World Bank.
About $500 million of the proposed loan is planned to be spent on addressing climate change challenges, among other areas. Yusuf argued that Nigerians had yet to see corresponding improvements in living conditions and productive capacity, despite increased revenue. The naira's weakened value and rising costs of goods and services had continued to undermine businesses and erode the purchasing power of citizens.
The APM pledged that its presidential candidate, Engr. Seyi Makinde, would, if elected, prioritise transparency, fiscal discipline, productive investment, and effective utilisation of public resources, while revamping the productive sector. The party believed Nigerians would reject the Tinubu-led All Progressives Congress in the 2027 presidential election, arguing that an administration it described as "outgoing" should not be entrusted with additional credit facilities.
The party's call to international financial bodies, including the World Bank and the International Monetary Fund, not to give any fresh credit to the Tinubu administration, is based on the assertion that such is not in the general interest of Nigeria.
Key points
- The Allied Peoples Movement urges the World Bank to reject Nigeria's $1.5bn loan request.
- Nigeria's total debt stock now stands at over N166 trillion.
- The APM believes Nigerians would reject the Tinubu-led All Progressives Congress in the 2027 presidential election.
