The Allied Peoples Movement (APM) has called on the World Bank and other international lenders to withhold any new loans being considered for Nigeria under the administration of President Bola Tinubu.
The party’s position comes after the Federal Government opened discussions with the World Bank on three proposed financing facilities worth a combined $1.5 billion.
The proposed facilities, each valued at $500 million, are intended to support climate resilience, early childhood development and social protection programmes. They have not yet received final approval, with the different projects at various stages of preparation.
In a statement, APM National Publicity Secretary Abubakar Yusuf argued that additional borrowing would increase the financial burden on Nigerians and questioned the government’s ability to manage and repay further debt.
“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 criticised the government’s continued reliance on borrowing despite increased government revenues following the removal of the petrol subsidy.
APM argued that Nigerians had instead experienced pressure from rising living costs, weaker purchasing power and increased costs across areas such as food, electricity, transportation and healthcare.
The party also pointed to Nigeria’s rising public debt as a reason for its opposition to additional borrowing. The Debt Management Office reported that the country’s total public debt stood at N166.79 trillion at the end of June 2026, up from N159.35 trillion three months earlier.
APM further cited food insecurity concerns, saying the government’s economic policies had not delivered the level of relief it expected for Nigerians.
The opposition party urged the World Bank, International Monetary Fund and other international lenders, including China and the United States, to reconsider extending additional credit to the Tinubu administration.
“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.
APM also questioned the timing of the proposed borrowing, arguing that any new debt would have repayment implications beyond the current administration.
The party said its presidential candidate, Seyi Makinde, would pursue a different approach if elected, with emphasis on transparency, fiscal discipline, productive investment and efforts to strengthen Nigeria’s productive sector.
The proposed World Bank financing consists of separate projects rather than a single $1.5 billion facility. The most advanced is an additional $500 million for the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project, which is scheduled for World Bank board consideration in October 2026. The proposed Early Childhood Development and HOPE-SP projects are expected to go before the board in March 2027.
