The Allied Peoples Movement (APM) has called on the World Bank and other international lenders to withhold fresh loans to the President Bola Tinubu-led administration in Nigeria. This appeal is based on concerns over Nigeria's rising debt profile and the proposed $1.5bn credit facility. According to the APM, the Tinubu administration has accumulated over N166.7tn in debt and continues to borrow despite revenue from the removal of the petrol subsidy.
The Federal Government of Nigeria is in talks with the World Bank to secure three new loans worth a combined $1.5bn. These proposed facilities comprise $500m each for climate resilience, social protection, and early childhood development. The first, an additional $500m financing for the Agro-Climatic Resilience in Semi-Arid Landscapes project, is scheduled for consideration by the World Bank board on October 29, 2026.
The APM argues that further borrowing could worsen the economic hardship faced by Nigerians and weaken the country's productive sector. The party stated that the Tinubu administration had not demonstrated a clear strategy to pay back the over N166.7 trillion debt accumulated under its watch. The APM's National Publicity Secretary, Abubakar Yusuf, released a statement expressing these concerns.
The APM also criticized the Tinubu administration for its handling of the petrol subsidy removal, which has led to severe economic hardship for Nigerians. The party cited rising taxes and the cost of electricity, transportation, food, healthcare, and other basic necessities. According to the World Food Programme, about 35 million Nigerians are expected to face acute food insecurity in 2026.
The APM presidential candidate, Seyi Makinde, has promised to prioritize transparency, fiscal discipline, productive investment, and efficient use of public resources if elected in 2027. The party urged international financial bodies, including the World Bank and the International Monetary Fund, not to grant any fresh credit to the Tinubu administration.
The APM described the Tinubu administration as "squandermaniac" and accused it of diverting funds meant for development to private pockets. The party claimed that over 140 million citizens are unable to afford their daily meals and that Nigerians have faced severe economic hardship since President Bola Tinubu assumed office in 2023.
The APM's call to international lenders comes as Nigerians prepare for the 2027 presidential election. The party expressed confidence that its candidate, Seyi Makinde, will be elected and implement policies that prioritize the well-being of Nigerians. The APM urged international lenders to protect the interests of over 200 million Nigerians by withholding fresh loans to the Tinubu administration.
Key points
- APM urges World Bank to withhold $1.5bn loan due to Nigeria's rising debt profile.
