APM tells World Bank not to give Nigeria $1.5bn loan

The Allied Peoples Movement has asked the World Bank and other international lenders to hold back new loans to President Bola Tinubu's government. They are worried about Nigeria's growing debt and the proposed $1.5 billion loan.

APM made the call in a statement from its National Publicity Secretary, Abubakar Yusuf, on Tuesday. The Tinubu administration has piled up over N166.7 trillion in debt while still borrowing, even after getting money from the removal of the petrol subsidy.

PUNCH Online reported on Monday that the Federal Government is in talks with the World Bank to get three new loans totaling $1.5 billion. Nigeria's public debt hit N166.79 trillion by June 2026.

World Bank documents show the loans include $500 million each for climate resilience, social protection, and early childhood development.

The first loan of $500 million for the Agro-Climatic Resilience in Semi-Arid Landscapes project will be reviewed by the World Bank board on October 29, 2026.

In response, APM said that more borrowing could make life harder for Nigerians and hurt the country's productive sector. They stated, "The Allied Peoples Movement has asked the World Bank and other international lenders to protect the interests of over 200 million Nigerians by withholding fresh loans from the ‘squandermaniac’ All Progressives Congress administration led by President Bola Ahmed Tinubu.

"The APM strongly condemns the attempt by President Tinubu to further mortgage the future of millions of Nigerians with a fresh $1.5 billion credit from the World Bank. His administration has no clear plan to pay back the over N166.7 trillion debt piled up under his watch.

"It is unacceptable that, even with the trillions of naira from the removal of the petrol subsidy, the Tinubu administration continues its unhealthy desire for borrowing. They have nothing to show for it except a weaker naira, which hurts our productive sector and reduces what the average Nigerian can afford.

"It is distressing that while the APC government claims that the loans are for good causes, most of the money ends up in the hands of corrupt individuals. Meanwhile, Nigerians struggle with poor infrastructure and unemployment, with over 140 million people unable to afford their daily meals."

APM pointed out that Nigerians have faced serious economic challenges since President Bola Tinubu took office in 2023. They mentioned rising taxes and the costs of electricity, transport, food, healthcare, and other basic needs.

The party also referred to the World Food Programme’s report that about 35 million Nigerians are expected to face serious food shortages in 2026. This shows how bad the food crisis is in the country.

They added, "What is most disturbing is that, despite President Tinubu’s terrible leadership, which has put our nation in a state of misery and a dark tunnel of uncertainty, the APC is proudly making false claims about its performance and is even preparing for the 2027 presidential election.

"The APC seems to think that the patience and tolerance of Nigerians is a sign of weakness. They should know that there is a limit to what people can endure under these conditions.

"The APM, as a party that cares about the well-being of Nigerians, repeats its call to international financial institutions, including the World Bank and the International Monetary Fund, not to give any new loans to the Tinubu administration. This is not in the best interest of our country.

"Nigerians are united in their decision to vote out the Tinubu-led APC government in January 2027. This outgoing administration should not be trusted with any credit for our nation."

APM said its presidential candidate, Seyi Makinde, would focus on transparency, responsible spending, good investments, and effective use of public resources if elected in 2027.