NIGERIA: The Allied Peoples Movement (APM) has called on the World Bank and other international lenders to withhold fresh loans to the President Bola Tinubu administration, arguing that additional borrowing would further burden Nigerians and mortgage the country’s future.
The call followed reports of a proposed $1.5 billion World Bank credit facility, with the party questioning the Federal Government’s ability to service its growing debt amid rising economic pressures, reports Vanguard.
In a statement issued by its National Publicity Secretary, Abubakar Yusuf, the APM criticised the Tinubu administration’s continued reliance on borrowing, despite increased government revenues following the removal of the petrol subsidy.
“The APM strongly condemns the attempt by President Tinubu to further mortgage the future of millions of Nigerians with a fresh $1.5bn credit from the World Bank,” Yusuf said.
The party argued that the increase in government revenue had not translated into corresponding improvements in the living conditions of Nigerians, pointing to the depreciation of the naira, declining purchasing power and pressure on businesses and the productive sector.
According to the APM, Nigerians have also faced higher costs of food, electricity, transportation, healthcare and other essential services since Tinubu assumed office in 2023.
The party cited an estimate by the World Food Programme that about 35 million Nigerians could face acute food insecurity in 2026, using the figure to criticise what it described as the administration’s performance claims amid widespread economic hardship.
The APM consequently urged the World Bank, International Monetary Fund and other international lenders, including China and the United States, to reject further credit facilities for the Federal Government.
“Nigerians have reached unanimity to vote out the Tinubu-led APC administration in January 2027. Such an ‘outgoing’ administration should not be entrusted with any credit facility on behalf of our nation,” the party said.
The party said its presidential candidate, Seyi Makinde, would, if elected, focus on transparency, fiscal discipline, productive investment and revitalising Nigeria’s productive sector.
