The Allied Peoples Movement (APM) has urged the World Bank and other international lenders to withhold a proposed $1.5 billion loan to President Bola Tinubu’s administration, saying further borrowing would “mortgage the future” of Nigerians.
In a statement, APM national publicity secretary Abubakar Yusuf questioned the government’s ability to service its growing debt amid worsening economic conditions and accused the administration of lacking a clear strategy for repayment.
“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 continued borrowing despite higher revenues after the removal of the petrol subsidy, arguing that the policy has coincided with a weaker naira, falling purchasing power and increased pressure on the productive sector. It said Nigerians have endured rising taxes and higher costs for food, electricity, transport and healthcare since Mr Tinubu took office in 2023.
Citing a World Food Programme estimate, the APM said about 35 million Nigerians faced acute food insecurity in 2026 and accused the ruling All Progressives Congress (APC) of making performance claims despite widespread hardship.
The party called on the World Bank, the International Monetary Fund and other international lenders — including China and the United States — to reject further credit to the 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 statement said.
The APM said its presidential candidate, Engr. Seyi Makinde, would prioritise transparency, fiscal discipline, productive investment and the revival of Nigeria’s productive sector if elected.
Proponents of the loan argue it would support budgetary needs and development programmes; critics say new borrowing risks increasing debt service costs and undermining economic recovery.
A spokesperson for the World Bank and the presidency did not immediately respond to requests for comment.
