The Allied Peoples Movement (APM) has urged the World Bank and other international lenders to protect the interests of over 200 million Nigerians by withholding fresh loans from the All Progressives Congress (APC) administration led by President Bola Ahmed Tinubu. The party strongly condemns the attempt by President Tinubu to secure a fresh $1.5 billion credit from the World Bank.
The APM criticizes the Tinubu administration for its borrowing appetite, stating that despite trillions of naira derived from the removal of the subsidy on petrol, the administration has not shown any clear strategy to repay the over N166.7 trillion debt accumulated under its watch. The party questions the use of borrowed funds, alleging that most of the funds are diverted to private pockets while Nigerians struggle with collapsed infrastructure and unemployment.
According to the APM's National Publicity Secretary, Abubakar Yusuf, Nigerians have endured extreme hardship, excessive taxes, and high costs of necessities since President Tinubu assumed office in 2023. The party highlights the scale of the food crisis, citing the World Food Programme's estimate that about 35 million Nigerians face acute food insecurity in 2026.
The APM expresses concern that the APC administration is contesting the 2027 presidential election despite its calamitous misrule, which has plunged the nation into misery and uncertainty. The party accuses the APC of mistaking Nigerians' patience and tolerance as a sign of weakness.
The APM restates its commitment to the well-being of Nigerians and calls on international financial bodies, including the World Bank and the International Monetary Fund, to withhold fresh credit to the Tinubu administration. The party believes such a loan would not be in the nation's general interest.
The APM assures Nigerians that its presidential candidate, Engr. Seyi Makinde, would reset governance and address the nation's challenges when elected. The party notes that Nigerians have reached a unanimity to vote out the Tinubu-led APC administration in January 2027.
The APM emphasizes that an 'outgoing' administration should not be entrusted with any credit facility on behalf of the nation. The party's call to international lenders aims to protect Nigerians' interests and prevent further mortgaging of the country's future.
Key points
- The APM urges the World Bank and others to withhold a fresh $1.5 billion loan to the Tinubu administration.
- The party criticizes the administration's borrowing appetite and alleged diversion of funds.
- The APM commits to the well-being of Nigerians and promises a reset in governance under its presidential candidate, Engr. Seyi Makinde.
