The Allied Peoples Movement (APM) has called on the World Bank and other international financial institutions to reject requests for fresh loans by the administration of President Bola Ahmed Tinubu. In a statement signed by its National Publicity Secretary, Abubakar Yusuf, the party warned that additional borrowing would further burden Nigerians with unsustainable debt. This comes after reports emerged of a fresh $1.5 billion credit facility request from the World Bank.
The APM criticised the proposed borrowing, arguing that the Federal Government had yet to demonstrate a clear strategy for servicing the huge debt accumulated since the Tinubu administration assumed office in 2023. According to the party, Nigeria’s debt burden has risen to over N166.7 trillion under the current administration. This has raised concerns over the country’s fiscal sustainability and the financial burden that could be passed on to future generations.
The party also questioned the rationale for continued borrowing despite the substantial revenues generated following the removal of petrol subsidy. It alleged that the government’s economic policies had contributed to the depreciation of the naira, weakened the productive sector and reduced the purchasing power of ordinary Nigerians. The APM further alleged that loans secured by successive administrations had not translated into commensurate improvements in infrastructure, employment and living standards.
The APM accused the APC-led government of failing to adequately account for the utilisation of borrowed funds. The party said Nigerians had, since 2023, experienced rising taxes and increased costs of electricity, transportation, food, healthcare and other basic necessities. It cited the World Food Programme’s assessment that about 35 million Nigerians could face acute food insecurity in 2026, describing the figure as an indication of the severity of the country’s economic and humanitarian challenges.
The APM criticised the APC’s claims of economic performance ahead of the 2027 general elections, arguing that such claims were inconsistent with the hardship being experienced by many Nigerians. The party warned that continued borrowing without corresponding improvements in economic productivity could deepen the country’s fiscal challenges and further constrain the resources available for development.
The APM therefore appealed to international financial institutions, including the World Bank and International Monetary Fund, as well as other potential lenders, to carefully assess the implications of granting additional credit to the Nigerian government. It maintained that fresh loans should not be granted where they could further increase the country’s debt burden without demonstrable benefits to the Nigerian people.
The party reiterated its position that Nigerians would seek a change of government in the 2027 presidential election, describing the Tinubu administration as an outgoing government that should not be entrusted with additional credit facilities. The APM said its presidential candidate, Engr. Seyi Makinde, would, if elected, prioritise transparency, fiscal discipline, productive investment and prudent management of public resources.
Key points
- The Allied Peoples Movement (APM) has urged the World Bank to reject President Tinubu's $1.5bn loan request.
- The party cited concerns over Nigeria's rising debt burden, which has reached N166.7 trillion under the current administration.
- The APM accused the government of failing to account for borrowed funds and alleged that loans had not improved infrastructure, employment, and living standards.
